New Georgia Laws for 2024
It’s almost a new year, and for many states, that means a lot of new laws. Most Georgia laws took effect July 1, but new legislation is being introduced, which could result in new Georgia laws going into effect as early as Jan. 1, 2024.
Notably, Georgia Gov. Brian Kemp is introducing some legislation to see the Georgia income tax rates drop faster than initially planned. This plan would result in a flat income tax rate of 5.39% beginning Jan. 1, 2024.
The governor says he wants to speed up the income tax cuts he previously approved. Kemp signed the tax cuts two years ago, which cut income tax every year through 2029. The current law cuts taxes, incrementally, from 5.75% to 4.99% by 2029. Now, Kemp has introduced a proposal that would speed up that rate, dropping it by an additional tenth of a point in 2024 to 5.39%. The result could mean a savings of roughly $650 per year for a family of four earning $75,000 per year.
So, why the change? Kemp says he believes the state can afford it. Georgia currently has $16 billion in rainy day reserves and large tax surpluses. “This is what happens when you budget conservatively,” Kemp said. “This is what happens when you think long term rather than make knee-jerk fiscal decisions without considering the impact that it will have on the state.” Some Democrats think the cuts are too much. Meanwhile, some Republicans want to eliminate Georgia’s income taxes completely, even though that income tax resulted in $20.8 billion of the state’s $36 billion in tax revenue last year. “Today’s announcement is a great step toward ultimately eliminating Georgia’s income tax, a top priority of mine,” Lt. Gov. Burt Jones said. Time will tell how this shakes out, but Kemp wants the changes to start in 2024, so we’ll know soon.
Curious about what other legislation was signed into law in Georgia in 2023? Check out the full list here. Note that many of these changes have already gone into effect.
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