ATLANTA, Georgia (41NBC/WMGT) – For the first time in more than 80 years, lawmakers in the state of Georgia have voted to reduce the income tax rate for corporations and individuals.
House and Senate legislators announced a proposal to cut the income tax rate from 6 percent to 5 point 75 percent.
State Senator Larry Walker says it’s all a part of their plan to help Georgia residents keep money in their pockets.
“I’m very very proud to be a part of an effort to lower the tax burden on Georgia citizens, allow them to keep more of their money that they work hard to earn and support their families and spend it in their local communities,” he told 41NBC.
Walker says the proposal would also double standard deductions from $3,000 to $6,000.