As Governor Brian Kemp signed an adjusted budget, Georgia homeowners will receive a $500 property tax rebate.
On Friday, the Republican governor signed House Bill 18, which increases expenditure by $2.4 billion through June 30, the conclusion of the fiscal year.
Legislation Authorizing Tax Rebate
Under the $950 million property tax rebate scheme, taxpayers with homestead exemptions will get an average of $500 from the state. The budget contains $1 billion for people to get up to $500 in tax refunds for a second year.
The state Senate is scheduled to discuss legislation authorizing the refunds on Tuesday. House Bill 162 would refund $250 to single filers and $500 to joint filers.
Kemp said in a speech at the state Capitol on Monday that he was fulfilling vows he made during his reelection campaign.
The amended budget includes funds for retirees, school security grants, a reinsurance scheme, and nurse training. The updated budget also provides one-time $500 awards for 54,000 state Workers’ Retirement System pensioners.
It allots $115 million for school security grants, which amounts to nearly $50,000 per school, and $92 million for the state reinsurance program, which is intended to cut healthcare prices.
It also includes $3.5 million for nurse training and another $5 million to assist paraprofessionals in becoming certified teachers.
Read more: $2,500 Tax refunds by Six-Pack project; Who is receiving these funds?
Reinstatement Of Increased Child Tax Credit
As Governor Brian Kemp signed an adjusted budget, Georgia homeowners will receive a $500 property tax rebate.In his statement on Monday, Kemp said the budget should show federal lawmakers that “you can keep the line on spending” and “use innovation to make government more effective and streamlined” without raising taxes.
President Joseph Biden announced a budget plan last week that includes taxing the wealthiest to support programs such as restoring the enlarged child tax credit, which would provide families with up to $3,600 per kid.
Read more: Daycare tax deduction 2023; Who qualifies for Child and Dependent Care Credit?