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Gov. Kemp signs historic income tax cut into law

The move is expected to slash taxes for families by more than one billion dollars.

ATLANTA — Gov. Brian Kemp is expected to sign Georgia's largest income tax cut into law on Tuesday.

The move is predicted to slash taxes for families by more than one billion dollars.

The cut will create a flat state income tax of 5.49%, starting in 2024, and decrease each year until it gets down to 4.9% by 2049.

Right now, the top rate is 5.75%.

It would also increase standard exemptions covering amounts someone could earn before beginning to pay state income tax. 

For example, a taxpayer would get a $12,000 exemption and married couples would eventually get a $24,000 exemption, with allowances to deduct $3,000 for each child or dependent.

However, there is a small catch - what Republicans in Georgia are calling "protections." The tax cuts would pause any year state revenue doesn't grow by 3%, is lower than the past five years, or doesn't have enough money in its savings account.

Gov. Kemp is expected to sign the new tax cut into law at 3 p.m. You can watch the ceremonial signing in the video player above.

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