HB 1015 and HB 1023: What You Need to Know

Published by William T. Fricke at June 20, 2024

About Us

At Fricke & Associates, we’re excited to share important updates regarding recent legislative changes that could impact our clients’ financial landscape. On April 18, 2024, Georgia Governor Brian Kemp signed two significant bills into law, HB 1015 and HB 1023. Mainly, these bills are aimed at reducing both corporate and individual income tax rates in Georgia. These changes are designed to bolster economic growth and provide substantial financial relief to businesses and residents across the state. Let’s go over the other facets of these bills and how they’ll affect our community.

Individual Income Tax Reduction (HB 1015):

One of the key changes introduced by HB 1015 is the acceleration of lowering the individual income tax rate for 2024. This bill reduces the individual income tax rate from 5.75% to 5.39%, effective immediately. This reduction translates into tangible savings for individuals and families, allowing them to keep more of their hard-earned income.

Corporate Income Tax Reduction (HB 1023):

Similar to HB 1015, HB 1023 brings changes to corporate income tax rates. The bill reduces the rate to match the rate for individuals, set at 5.39% effective from 2024. This alignment aims to create a more equitable tax environment and stimulate business growth and investment in the state.

These legislative changes are part of a broader effort to make Georgia more competitive and attractive for businesses and residents alike. The reduced tax rates not only provide financial relief but also encourage economic activity, job creation, and investment opportunities.

At Fricke & Associates, we understand the importance of staying informed about changes that may impact your financial well-being. We’re here to assist you in navigating these changes and optimizing your tax strategies to maximize savings and opportunities.

For more detailed information on HB 1015 and HB 1023, you can refer to the official press release from Governor Kemp’s office here. Additionally, you can explore insights on Georgia tax reform from the Tax Foundation here.

If you have any questions or require assistance in navigating these changes, don’t hesitate to contact us today! We’re here to help!

Explore Our Blog

We have set ourselves up as leaders in the industry to educate our audience on relevant topics in the accounting world.

Essential IRS Regulations You Should Know

July 3, 2024 by William T. Fricke

At Fricke & Associates, we prioritize informing our clients about…

Read more

Why Is Outsourced Accounting Useful for Small Business Owners?

July 1, 2024 by John Holmes

Small business owners are accustomed to wearing multiple hats, balancing…

HB 1015 and HB 1023: What You Need to Know

June 20, 2024 by William T. Fricke

At Fricke & Associates, we’re excited to share important updates…

We can help

If you need a bookkeeping professional for Small businesses in Atlanta, GA, Fricke & Associates, LLC. We have the expertise and experience to understand your needs, analyze your financial data, promote your growth, and ensure your financial future is set on a successful path. Additionally, we are a leader in developing and implementing the latest technology for optimizing accounting, tax, and financial planning solutions.

Join Our Email List

Enter your email address to stay up-to-date on recent tax laws and receive helpful tips!