Governor Introduces Legislation Overhauling State Tax Code
Wednesday, February 14th, 2018
Gov. Nathan Deal introduced HB 918 which updates the 2018 Internal Revenue Code. The bill addresses the state revenue projections resulting from the Federal Tax Act while mirroring its 10-year timeframe.
The legislation would allow Georgia taxpayers to take the increased standard deduction at the federal level while providing flexibility to take either standard or itemized deductions at the state level. Another component would enhance personal exemptions by 25 percent.
“This legislation provides more flexibility and fairness to Georgians to decide what’s best for their families,” said Deal. “It will allow taxpayers to take full advantage of federal reforms while ensuring the fiscal health of our state long-term. This legislation will keep more hard-earned money in Georgians’ pockets and is an important step forward in modernizing state law to conform with federal reforms.”