Georgia Gov. Nathan Deal updated the bill to amend the Georgia tax code to include the house Internal Revenue Code (IRC) conformity bill. The tax bill, H.B. 918, would also:
- make income tax rate changes;
- double the standard deduction; and
- eliminate sales tax on jet fuel.
Making Georgia IRC Conformity a Priority
As a result of the governor’s changes, Georgia’s corporate and personal income tax IRC conformity date would be January 1, 2018, with certain exceptions.
Lowering Income Tax Rates
The bill also lowers income tax rates for businesses and individuals from 6% to 5.75%, effective January 1, 2019. In addition, the rate would decrease to 5.5% on January 1, 2020, if the General Assembly and governor approve the additional increase.
Further, the governor’s bill doubles the standard deduction, effective January 1, 2018.
The governor’s press release on his deal can be viewed at https://gov.georgia.gov/press-releases/2018-02-20/deal-introduces-updates-tax-code-legislation .
Press Release, Georgia Gov. Nathan Deal, February 20, 2018