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17 January 2013

Senate Proposal to Phase Out State Income Tax Introduced with 10 Co-Sponsors

Last December, I brought attention to a pre-filed piece of legislation seeking to phase the Georgia state income tax.

Senate Resolution 8, a proposed constitutional amendment, would cap the state income tax at 5.5 percent beginning 1 January 2016. Each year after that date, the income tax would be reduced by one-half of one percent until the tax rate reaches zero.

Senator Josh McKoon formally introduced S.R. 8 into the Senate Thursday with nine additional co-sponsors.

Senators John Albers (R - Roswell), Butch Miller (R - Gainesville), Steve Gooch (R - Dahlonega), Judson Hill (R - Marietta), Chuck Hufstetler (R - Rome), Mike Dugan (R – Carrollton ), Brandon Beach (R - Alpharetta), Hunter Hill (R - Smyrna) and Barry Loudermilk (R - Cassville) all signed on to the legislation.

"Many economists agree that one of the most effective ways to promote job creation is to systematically eliminate the state income tax,” said Sen. Josh McKoon in a news release. “The adoption of this amendment is critical to enhancing Georgia’s competitiveness and will help our hardworking families take home more of their pay.”

The Georgia income tax rate is 6 percent. Several states do not have an income tax including Florida, Tennessee, Texas, Wyoming, Washington, New Hampshire, Nevada and Alaska.