Rep. Blackmon’s Historic Income Tax Cut Legislation Signed into Law
ATLANTA – State Representative Shaw Blackmon (R-Bonaire), chairman of the House Ways & Means Committee, today announced that House Bill 1437, legislation to lower Georgia’s maximum income tax rate, was recently signed into law by Governor Brian Kemp. Chairman Blackmon estimates that this new law will save taxpayers approximately $1 billion per year when the cut goes into effect for calendar year 2024.
“This legislation will save taxpayers more than a billion dollars each year and helps make our tax code more streamlined and easier for Georgians to understand,” said Chairman Blackmon. “I want to thank Governor Brian Kemp for signing this historic bill into law in my hometown this week. While some individuals have attacked our efforts to save taxpayer dollars, I am proud to implement good tax policy that keeps our state competitive and family-friendly.”
House Bill 1437, or the Georgia Tax Reduction and Reform Act of 2022, will eliminate personal income tax brackets and replace them with a single, flat rate of 5.49 percent, and this tax rate would gradually decrease each year until it reaches 4.99 percent under specific circumstances. HB 1437 will also eliminate the current standard deductions for taxpayers and, instead, will increase the personal exemptions to $12,000 for single and head of household taxpayers and to $18,500 for married taxpayers who file a joint return. The personal exemption for married taxpayers filing a joint return will gradually increase to $20,000 for 2024, $22,000 for 2028 and $24,000 for 2030. The bill will also increase the amount of earned income allowed to be included in the retirement income exemption to $5,000 and will create a $10,000 cap for the amount of state and local taxes allowed to be deducted.
On Tuesday, April 26, Chairman Blackmon joined Gov. Kemp and other state officials in Bonaire as he signed HB 1437 into law. To watch a video recording of this bill signing ceremony in Chairman Blackmon’s district, please click here.
For more information on HB 1437, please click here.
Representative Shaw Blackmon represents the citizens of District 146, which includes portions of Houston County. He was elected to the House of Representatives in 2015 and currently serves as the Chairman of the Ways & Means Committee. He also serves on the Appropriations Subcommittee on Transportation, Special Committee on Election Integrity, Economic Development & Tourism, Governmental Affairs, Insurance, Juvenile Justice, Rules, Special Rules and Small Business Development committees. He is also an Ex-Officio member of the full Appropriations Committee.