News Release | For Immediate Release
March 9, 2020
Contact: Benita Dodd at [email protected]
Foundation CEO Calls Legislature’s Tax Relief Efforts ‘Commendable’
Atlanta — Georgia Public Policy Foundation President Kyle Wingfield praised the Georgia General Assembly today for continuing to work on tax relief for Georgians as the session moves toward Crossover Day on Thursday.
“Georgia’s hardworking citizens and small business owners deserve to keep more of the dollars they earn. It’s commendable and encouraging that our legislators are working to keep the commitment made in 2018 legislation: to lower the income tax rate,” Wingfield said.
Legislation passed in 2018 to compensate for the anticipated state tax revenue windfall after the federal Tax Cuts and Jobs Act also dropped the 6% state personal and corporate income tax rate to 5.75%. That legislation included a provision that the Legislature would vote in 2020 on a further tax rate cut to 5.5%.
Legislation announced Monday would keep the corporate income tax rate at 5.75%, while lowering the personal income tax rate to 5.375% and making it a flat tax. The bill also includes a new state version of an earned income tax credit for lower- and middle-income Georgians, while ending a policy that allowed Georgians effectively to deduct the value of their state income tax payment from their taxable income. Other provisions include an increase in the tax credit for adopting a child from foster care.
“We believe it is possible to enact meaningful tax reform that saves money for Georgians at all income levels, and provides more incentives to work, save, invest and start businesses — the lifeblood of Georgia’s economy,” Wingfield said.
About the Georgia Public Policy Foundation: Established in 1991, the Foundation is a nonprofit, independent, state-focused think tank that proposes market-oriented approaches to public policy to improve the lives of Georgians. The Foundation has been named one of the world’s “Best Independent Think Tanks” for three consecutive years in the Global Go To Think Tank Index Report.