Details here: Under the proposal, the state would reduce the income tax rates by 10 percent over five years beginning July 1, 2008. Under that plan, the maximum 6 percent tax rate would drop the first year to 5.88 percent and so on until it reach 5.4 percent.[…] Instead of freezing residential [property tax] assessments at 2008 rates plus an annual increase of up to 2 percent and commercial at 2008 plus up to 3 percent, the Senate proposal would freeze both at the government inflation rate – a higher figure. New to the package under the Senate proposal – a “TABOR”-like proposal that would rein-in state government spending and direct money in excess of a formula (based on the inflation rate and population growth rate) to education, the rainy day fund and then to taxpayer refunds. More on Georgia here.
