New state tax laws in 2024
Will exclude overtime wages earned by full-time employees from their gross income. Overtime pay is defined as the compensation earned for work performed in excess of 40 hours in a given week. Importantly, this exclusion is not permanent and, unless extended, will expire on June 30, 2025.
Now has a flat tax of 4%.
Has a new lower capital gains tax.
This is the last year for tax on interest and dividends.
Joins a growing number of states that have either adopted or are considering a flat tax. In 2024, Georgia will collapse its six individual income tax brackets into one at a rate of 5.49 percent
No longer taxes Social Security.
Short term capital gains tax was reduced in 2023.
Homeowners and renters are eligible for property tax / rent rebate.
