The Georgia House has passed sweeping tax cuts that could eliminate any surplus revenue the state expected to collect as a result of the federal tax overhaul, sending the proposal to the Senate.
The governor’s office estimates Georgia could collect $5.2 billion in added taxes over the next five years because of the federal changes.
The proposal, passed by the House Thursday, would cut top income tax rates for individuals and businesses from 6 to 5.75 percent in 2019, with an option for further cuts in 2020, and double the standard deduction for all filers.
Those changes could wipe out the $5.2 billion surplus expected over the next five years, according to estimates from the governor’s office.
Opponents argue that there is far too much uncertainty to make rate cuts.