Tax Cut Bill Heads to Governor Deal’s Desk

As the 2018 State Legislative Session nears its end, one important bill we told you about last week is now on its way to Governor Nathan Deal’s desk for his signature.

Last Thursday, the Senate passed House Bill 918 that update’s Georgia’s tax code.

Under the measure, HB918 cuts the income tax rate for working Georgians and businessess to 5.75 percent effective for the 2019 tax year and to 5.5 percent beginning in 2020.

In addition to decreasing income tax rates, the bill also includes a provision to double the standard deduction for taxpayers of all statuses effective January 1, 2018.

That means, for example that family of four making $50,000 a year will see a 16 percent tax cut, and a family of four making $150,000 a year will see a 10 percent tax cut.

It is the largest income tax cut in Georgia’s history.