Gov. Nathan Deal, along with Lt. Gov. Casey Cagle and House Speaker David Ralston, yesterday outlined updates to HB 918, which addresses state tax code.
Gov. Nathan Deal, along with Lt. Gov. Casey Cagle and House Speaker David Ralston, yesterday outlined updates to HB 918, which addresses state tax code. The legislation, sponsored by Rep. Chuck Efstration, now combines the 2017 Internal Revenue Code (IRC) bill, HB 821, with 2018 IRC updates. It also addresses the state revenue projections resulting from the Federal Tax Act.
HB 918 would double the standard deduction for Georgia taxpayers for all filing statuses, effective Jan. 1, 2018. It would also reduce the income tax rate for individuals and businesses from 6 percent to 5.75 percent effective Jan. 1, 2019. Finally, the legislation includes a provision further reducing the tax rate to 5.5 percent, effective Jan. 1, 2020. This reduction would require approval of the General Assembly and signature of the governor in order to take effect.
The bill will also help our state be more competitive by eliminating the sales tax on jet fuel, which will encourage airlines to fly additional direct flights from Georgia to destinations around the globe.
HB 918, which includes these changes, passed the House Ways & Means Committee today and is now eligible for a floor vote in the House as early as this week.