ATLANTA – State Representative Chuck Efstration (R-Dacula) today announced that the Georgia House of Representatives passed House Bill 918, legislation that would change Georgia’s tax code by cutting individual and corporate state income taxes. HB 918 was sponsored by Rep. Efstration and passed by the House Ways & Means Committee, which is chaired by Rep. Jay Powell (R-Camilla).
“This measure would allow our state’s citizens to save more of their hard-earned dollars,” said Rep. Efstration. “HB 918 is one of the single largest income tax reforms in our state’s history, and if signed into law, this measure would save Georgians $5 billion over the next five years. I am incredibly proud to sponsor such a momentous bill, which will positively impact all Georgians, and I thank Gov. Nathan Deal, Speaker David Ralston, Lt. Gov. Casey Cagle and Chairman Jay Powell for their meticulous work on this legislation. ”
“HB 918 would empower more Georgians to save their money and spur economic growth statewide,” said Rep. Powell. “Georgia has not seen a tax code reform such as this in decades, and I believe that HB 918 would greatly benefit our state’s citizens, as well as make our state more competitive with our neighboring states. I thank Rep. Efstration for carrying this measure in the House, and I hope the Senate will favorably consider this historic tax cut.”
HB 918 would double the state standard deduction for Georgia taxpayers for all filing statuses, effective Jan. 1, 2018, and would reduce the income tax rate for individuals and businesses from 6 percent to 5.75 percent, effective Jan. 1, 2019. The legislation would further reduce the tax rate to 5.5 percent, effective Jan. 1, 2020, and would require approval of the General Assembly and signature of the governor in order to take effect. Furthermore, the bill would eliminate the sales tax on jet fuel to help Georgia be more competitive and encourage airlines to fly additional direct flights from Georgia to destinations around the globe. Finally, this tax proposal would also address the state revenue projections resulting from the recent Federal Tax Act.
For more information on HB 918, please click here.
Representative Chuck Efstration represents the citizens of District 104, which includes portions of Gwinnett County. He was first elected to the House of Representatives in 2013 and currently serves as Vice Chairman of the Appropriations Subcommittee on Transportation and the Legislative and Congressional Reapportionment Committee. He also serves on the Defense & Veterans Affairs, Insurance and Juvenile Justice committees.
Representative Jay Powell represents the citizens of District 171, which includes portions of Colquitt, Decatur and Mitchell counties. He was elected to the House of Representatives in 2008 and currently serves as Chairman of the Ways and Means Committee. He also serves on the Governmental Affairs, Judiciary, MARTOC and Rules committees.
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