ATLANTA (AP) — Georgia House Speaker David Ralston is backing a legislative proposal unveiled Monday to set the state’s personal income tax at a flat rate of 5.375%.

The General Assembly voted to cut the state’s top income tax rate from 6% to 5.75% in 2018, and a further cut to 5.5% was planned for this year.

“In 2018, we promised Georgians meaningful tax relief, and this is the second step in delivering on that promise,” Ralston, a Republican from Blue Ridge, said in a statement.

If passed by both chambers and signed into law, the proposal would go into effect Jan. 1. Its backers estimate that the proposal would save taxpayers in Georgia approximately $250 million a year.

The proposal would institute a new income tax credit for families meant to offset the flattening of Georgia’s tax brackets, according to the statement. It would also triple the adoption tax credit from $2,000 to $6,000, a plan earlier proposed by Republican Gov. Brian Kemp.

The legislation is sponsored by state Rep. Brett Harrell, a Republican from Snellville. Harrell is chairman of the House Ways and Means Committee.