Georgia Reduces 2026 Individual Income Tax Rates

The Georgia Governor signed a law that includes: 1) reducing the individual income tax rate to 4.99 percent for 2026; 2) increasing the individual income tax personal exemption to $5,000 for each dependent for 2026; 3) increasing the individual income tax standard deduction to $15,000 for single filers and $30,000 for married couples filing a joint return for 2026; 4) excluding a portion of overtime compensation and cash tips from taxation; and 5) repealing income tax credits for manufacturers of medical equipment and supplies. The law took effect on May 11 and is applicable to taxable years beginning on or ...