In his first week back at the capitol for the current legislative session, Sen. John Albers (R- Roswell) co-sponsored Senate Resolution 8, a proposal that would create a constitutional amendment to phase out the Georgia State Income Tax, according to a Georgia Senate press release.
“Eliminating the state income tax is the right thing to do for Georgia,” said Sen. Albers. “I am optimistic that my colleagues in both chambers will recognize the significance of eliminating Georgia’s income tax to support job creation and reduce the burden on our taxpayers.”
According to the release, many economists suggest that one of the most effective ways to promote job creation is to systematically eliminate the state income tax.
While several states do not have an income tax including Florida, Tennessee, Texas, Wyoming, Washington, New Hampshire, Nevada and Alaska, Georgia's income tax rate is currently six percent. Like Resolution 8 would suggest, other states also have the abolition of their state income tax under consideration, including North Carolina, Louisiana and Nebraska.
If approved by Georgia voters, Senate Resolution 8 would phase out the income tax completely by the year 2027. This process would be gradual, reducing the tax rate by .5 percent every year until the income tax is eliminated.
Amendments to the Georgia Constitution may be introduced in either the House of Representatives or the Senate. An amendment must be approved by a 2/3 majority of each legislative chamber in order for it to be placed on the ballot for voter approval.