ATLANTA — House Speaker David Ralston announced a “comprehensive tax reform” plan Monday that centers around a flattened 5.375% income tax rate.

The unveiling of the package came hours after the House budget writers OK’d the Fiscal Year 2021 amended budget that cut Gov. Brian Kemp’s promised teacher pay raise in half.

Ralston said the tax measure would save taxpayers about $250 million a year.

“It will make Georgia’s tax system fair, flatter, allows Georgians to keep more of their money and will help strengthen our small businesses,” he said. “… Every Georgian should pay less in state income tax once it is law.”

The cut would go into effect Jan. 1, 2021.

The corporate tax rate will remain 5.75%, Ralston said.

“We made that choice because we want working Georgians’ families to realize the maximum benefit of this tax cut,” he said.

The package includes a working families tax credit which Ralston said will “offset” the flattening of the brackets.

If approved, this would be the second rate cut since 2018. Republican House leaders have been vocal about their intent to keep income tax cuts coming.

House Ways and Means Chairman Brett Harrell, R-Snellville, is introducing the tax reform legislation that by legislative rules will need to pass through one chamber by Crossover Day — scheduled for Thursday, March 12.

The proposal includes tripling the adoption tax credit that Kemp has proposed.

Harrell said the tax cut is being done in a “fiscally responsible way” and asserted that additional revenue that will be collected from the “marketplace facilitator” bill passed this session and other legislation will bring in funds to help get the tax cut off the ground.