Governor Brian Kemp signed legislation Thursday that is reportedly predicted to save Georgians and businesses nearly $500 million on income taxes in 2025.

The Atlanta Journal Constitution reports that he made the move “at the same time revenue has declined amid record state spending.”

Before signing off on the tax cuts Thursday, Kemp told reporters, “Georgians know best how to spend their money a lot better than the government does.”

The AJC’s James Salzer writes that one bill, “touted by Kemp before the session — House Bill 1015 — will speed up plans first passed in 2022 to gradually reduce the state income tax rate on individuals from 5.75% to 4.99%.”

Salzer adds, “The rate dropped to 5.49% in January, and HB 1015 cuts it to 5.39%. That may not sound like a lot, but state officials project the change will save taxpayers — and cost the state — about $360 million next year.”

Salzer explains that the size of the savings depends on someone’s income. “If, for example, you have $60,000 in taxable income after deductions, your savings will be about $60,” Salzer reports. Read more here.

The Atlanta Journal Constitution contributed to this story

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