Income/Franchise:
Georgia: New Law Lowers Corporate Income Tax Rate and Contingently Phases in Additional Tax Rate Reductions
H.B. 111, signed by gov. 4/15/25; Governor Press Release: Gov. Kemp Signs Legislation Delivering More than $1 Billion in Tax Cuts and Relief to Hardworking Georgians, Ga. Off. of the Governor (4/15/25). Effective on July 1, 2025, and applicable to all taxable years beginning on or after January 1, 2025, new law lowers Georgia’s corporate income tax rate from 5.39% to 5.19 %. Subject to certain annual revenue goals being met, Georgia’s corporate income tax rate would be reduced further by 0.10% annually beginning on January 1, 2026, until the tax rate reaches 4.99%. Note that Georgia also previously enacted state corporate income tax rate reductions last year [see State Tax Matters, Issue 2024-16, for details on the tax rate changes enacted in 2024]. Please contact us with any questions.
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