HB918 could be Great for Georgians

Georgia’s lawmakers have been quick to take advantage of the new federal Tax Cut and Jobs Act.

Last week, the State House passed House Bill 918 which addresses the revenue windfall Georgia is expected to receive as a result of the new federal law.

Under the measure, HB 918 doubles the standard deduction for Georgia taxpayers effective in tax year 2018.

It also decreases the individual and corporate income tax rate from 6% to 5.75% effective in tax year 2019.

Finally, HB 918 provides the General Assembly and Governor the ability to decrease rates to 5.5% should it be fiscally responsible to do so in 2020.

This tax cut will amount to over $5 billion in savings to Georgia taxpayers and represents the first reduction in Georgia’s individual tax rate since 1937 and the first reduction in the corporate rate since 1969.

The bill has now been sent to the Senate for consideration.