A joint legislative panel has signed off on a tax overhaul, as lawmakers scramble to meet a deadline to push the measure through before they complete their work this week.

The Special Joint Committee on Georgia Revenue Structure approved the bill by a voice vote on Monday. It heads directly to the floor for vote by the full House Monday afternoon.

The plan — the third rewrite of the bill — would reduce the personal income tax rate from 6 percent to 4.6 percent in 2012, which would rip a $130 million hole in state revenue for the fiscal year that begins July 1. The rate would decline to 4.55 percent in 2013. Over three years, the plan would cost the state about $310 million.

Read More: Albany Herald