New state tax laws in 2024

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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.