ATLANTA (February 21, 2018) | Sen. Chuck Hufstetler (R – Rome), along with Governor Nathan Deal, Lt. Governor Casey Cagle, Speaker of the House David Ralston, representatives and senators from across Georgia recently announced two bills aimed at reducing the state’s income tax percentage and saving taxpayer dollars. This is the largest single tax cut in Georgia for individuals since 1937.
“I am thrilled to see the income tax percentage in Georgia decreasing through this legislation,” said Sen. Hufstetler. “It would not be possible without leadership seen on the state level, through Gov. Deal, Lt. Governor Cagle, Speaker Ralston and others, and on the federal level through leadership in the Trump Administration and within the U.S. House and Senate. Comprehensive reform of our tax system is well underway and this next step will guarantee hardworking Georgians will see their state income dollars coming back to them without jeopardizing our state’s balanced budget. I look forward to seeing these bills in the Finance Committee and helping our state’s middle class through their eventual passage.”
Sen. Hufstetler serves as chairman of the Finance Committee, which handles all tax related legislation in the Senate. House Bills 821 and 918 would allow the Georgia General Assembly to address the windfall from the tax cuts made at the federal level through doubling the standard deduction for all filers, reducing the income tax rate from 6 percent to 5.75 percent in 2019 and to 5.5 percent in 2020, and would produce approximately $5 billion in taxpayer savings over the next five years. The legislation would need the approval of the House, the Senate and the Governor before it would take effect.
Please follow the link to Governor Deal’s press release: https://gov.georgia.gov/press-releases/2018-02-20/deal-introduces-updates-tax-code-legislation
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For Immediate Release:
February 21, 2018
Elisabeth Fletcher, Communications Specialist
elisabeth.fletcher@senate.ga.gov
404.656.0028