ATLANTA – State Representative Penny Houston (R-Nashville) applauds Governor Brian Kemp’s recent announcement to introduce and pass legislation in the upcoming regular legislative session that would accelerate a decrease in the state individual income tax rate.
“I express great gratitude to Governor Kemp for fulfilling his commitment to refund Georgia’s tax dollars back to its residents,” said Rep. Houston. “With Georgia’s robust economy and the governor’s dedication to fostering effective business practices, I am proud to back this essential initiative that will provide much needed additional relief to families across Georgia.”
The governor’s proposal would amend House Bill 1437, legislation signed by Governor Kemp in 2022, which established a step down of 10 basis points in the income tax rate, starting in 2025 and for each taxable year thereafter until the rate reaches 4.99 percent. If the reduction was accelerated, the rate for Tax Year 2024 would decrease to 5.39 percent, rather than 5.49 percent previously set by HB 1437. This would mark a cut of 36 basis points from the Tax Year 2023 rate of 5.75 percent. It is estimated that Georgia taxpayers would see approximately $1.1 billion in savings in calendar year 2024 as a result of the proposed tax acceleration and the 26 basis-points reduction provided in HB 1437.
Representative Penny Houston represents the citizens of District 170, which includes Berrien County and portions of Cook and Tift counties. She was elected to the House of Representatives in 1997 and currently serves as Chairman of the House Appropriations Subcommittee on Economic Development. She also serves on the Banks & Banking, Budget and Fiscal Affairs Oversight, Economic Development & Tourism and Public Health committees.
###