Georgia General Assembly Passes House Bill 918
Following the anticipation of the final passage of a historic measure to enact Georgia’s first income tax reduction in over 80 years, Governor Deal signed House Bill 918 into law on Friday, March 2nd.
House Bill 918, will double the standard deduction for taxpayers of all filing statuses and reduce individual and corporate income tax rates from 6% to 5.75%, effective January 1, 2019. The bill also includes provisions to further reduce the tax rate to 5.5% by 2020, and addresses projected revenue generated from the federal “Tax Cuts and Jobs Act,” passed by Congress December 2017.
House Bill 918 seeks to reform Georgia’s current tax code to establish incentives that will save taxpayers $5 billion over a 5-year period. The incentives provided will benefit individuals and businesses alike by creating opportunities for economic development and mobility. The Chamber supported the bill as proposed. It is a well-established Chamber position to advocate changes to tax policy that reduce income tax rates to the extent of fiscal responsibility.
As the state’s largest business champion, the Chamber continues to encourage the implementation of policies that are competitive both domestically and internationally to promote the expansion of businesses and population growth in Georgia.
The Georgia Chamber applauds the Governor’s leadership and commends the General Assembly on their continued efforts to improve the quality of life for Georgia’s most hardworking and under-served communities.