Georgia officials recently announced that they are considering eliminating their state income tax.
Georgia Lt. Governor Burt Jones announced last week the creation of the Georgia Senate Committee on Eliminating Georgia’s Income Tax.
“Last year alone, nine states cut individual income taxes, and three others cut corporate income taxes,” Jones said in a statement. “In fact, among southeast states, only South Carolina currently has a higher income tax rate than Georgia. If we wish to remain the number one state for business and keep our state competitive, we must expand on the progress made over the past four years to eliminate Georgia’s income tax."
"It is vital that the Senate lead the effort to continue reducing our reliance on income taxes by examining additional ways to make significant cuts to our income tax rate, while maintaining the fiscal soundness of our state. Eliminating the state income tax is a commitment I have made to the Georgia people, and the work of this committee is a vital step to ensure I deliver on this promise," he added.
The committee’s work will commence later this summer, and the committee will end on December 15. Georgia currently has a flat income tax rate of 5.19%.
Of Alabama’s bordering states, Florida and Tennessee don’t have state income taxes. Mississippi Gov. Tate Reeves signed into law legislation gradually eliminating their income tax in March.
Alabama has a state income tax rate of 5%.
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