Facts & Figures 2023: How Does Your State Compare?
Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readHow does Georgia’s tax code compare? Georgia has a flat 5.49 percent individual income tax rate. Georgia has a 5.75 percent corporate income tax rate. Georgia also has a 4.00 percent state sales tax rate and an average combined state and local sales tax rate of 7.38 percent. Georgia has a 0.72 percent effective property tax rate on owner-occupied housing value.
Georgia does not have an estate tax or inheritance tax. Georgia also has a 33.05 cents per gallon gas tax rate and a $0.37 cigarette excise tax rate. The State of Georgia collects $4,551 in state and local tax collections per capita. Georgia has $5,730 in state and local debt per capita and has a 76 percent funded ratio of public pension plans. Overall, Georgia’s tax system ranks 32nd on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Georgia is no exception. The first step towards understanding Georgia’s tax code is knowing the basics. How does Georgia collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readStates can better position themselves for success by moving away from economically-damaging taxes like the capital stock tax.
4 min readA growing number of cities, in red states like Arkansas and Texas, blue states like California and New Jersey, and purple states like Georgia and Nevada, have pursued streaming taxes in recent years.
7 min readIndividual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections:
9 min readIf your state issued tax rebates last year, you might have to pay federal income tax on the rebate you received. Maybe. Who knows? Unfortunately, not the IRS—at least not yet.
5 min readWhile many factors influence business location and investment decisions, sales taxes are something within policymakers’ control that can have immediate impacts.
11 min readForty-three states adopted tax relief in 2021 or 2022—often in both years—and of those, 21 cut state income tax rates. It’s been a remarkable trend, driven by robust state revenues and an increasingly competitive tax environment.
4 min readAt the end of 2022, prices were 14.6 percent higher than they were two years prior. That’s the fastest inflation rate over any two calendar years since the stagflation era of the late 1970s. State policymakers are understandably interested in bringing any tools at their disposal to bear on the problem. And many of them are reaching for tax policy solutions.
7 min readNew Jersey levies the highest top statutory corporate tax rate at 11.5 percent, followed by Minnesota (9.8 percent) and Illinois (9.50 percent). Alaska and Pennsylvania levy top statutory corporate tax rates of 9.40 percent and 8.99 percent, respectively.
6 min readBy shifting to a flat income tax, Georgia has already made an important commitment to tax competitiveness. Although the state’s top rate threshold is already very low, a true single-rate income tax will help protect taxpayers from inflation-related tax increases and provide a buffer against rising tax rates in the future. To combine responsible rate reductions with these benefits, Georgia should create tax triggers that empower the state to keep pace with its competition.
3 min read