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Georgia Senate panel backs bigger income tax rate cut, capping film tax break

By James Salzer, The Atlanta Journal-Constitution

A Georgia Senate panel on Monday supported gradually lowering the state’s income tax rate from 5.75% to 4.99% and putting a cap on how much the state spends on its lucrative film tax credit.

The Senate Finance Committee rewrote House Bill 1437, which would have cut the income tax rate to a flat 5.25%.

The original House bill would save taxpayers $1 billion a year. The House approved the proposal, backed by House Speaker David Ralston, R-Blue Ridge, earlier this month.

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