Income/Franchise:
Georgia: New Law Lowers Corporate Income Tax Rate to Match Individual Income Tax Rate Reductions
H.B. 1023, signed by gov. 4/18/24; H.B. 1015, signed by gov. 4/18/24; Governor Press Release: Gov. Kemp Signs Historic Tax Cut Package Into Law, Ga. Off. of the Governor (4/18/24). New law provides that effective on July 1, 2024 and applicable to all taxable years beginning on or after January 1, 2024, Georgia’s corporate income tax rate shall be imposed on Georgia taxable net income “at the same rate of the tax imposed on individuals” for the corresponding taxable year, rather than at the rate of 5.75%. Moreover, building upon scheduled individual income tax rate reductions enacted in 2022 [see H.B. 1437 (2022); and Governor Press Release: Gov. Kemp Signs Largest Income Tax Cut in State History Into Law, Ga. Off. of the Governor (4/26/22) for details on this 2022 legislation], another bill signed on the same day accelerates Georgia’s individual income tax rate reductions – providing that the individual income tax rate for tax year 2024 will be 5.39% rather than 5.49%, effective on July 1, 2024 and applicable to all taxable years beginning on or after January 1, 2024. Please contact us with any questions.
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