State income tax cut took effect Jan. 1

A $1 billion election-year tax cut the Republican-controlled General Assembly passed last year will take effect on New Year’s Day. For now, the phased-in tax cut sets the state income tax rate for 2024 at a flat 5.49%, down from the current 5.75%. The tax rate will continue to decline annually, arriving at 4.99% in 2029. However, Gov. Brian Kemp announced earlier this mont...