State Representative Jesse Petrea (R-Savannah) co-sponsored House Bill 918, legislation that would change Georgia’s tax code by cutting individual and corporate state income taxes. HB 918 passed the House of Representatives with a vote of 134-36 on Thursday, February 22, 2018, and will now go to the Senate for consideration.

“This important legislation will help decrease the tax burden for all Georgians by allowing our citizens to keep more money in their pockets, and I am proud to be a co-sponsor on this significant bill,” said Rep. Petrea. “Georgia’s tax laws have not been modernized in over 80 years, and with the recent changes to the Federal Tax Act, this legislation is necessary and long overdue.”

HB 918 would double the state standard deduction for Georgia taxpayers for all filing statuses, effective Jan. 1, 2018, and would reduce the income tax rate for individuals and businesses from 6 percent to 5.75 percent, effective Jan. 1, 2019. The legislation would further reduce the tax rate to 5.5 percent, effective Jan. 1, 2020, and would require approval of the General Assembly and signature of the governor in order to take effect. Furthermore, the bill would eliminate the sales tax on jet fuel to help Georgia be more competitive and encourage airlines to fly additional direct flights from Georgia to destinations around the globe. Finally, this tax proposal would also address the state revenue projections resulting from the recent Federal Tax Act.