On Wednesday, Gov. Brian Kemp signed a law that will provide Georgians with a unique state income tax rebate.
As a result, your bank account may shortly receive up to $500. The Department of Revenue will begin disbursing the funds in six to eight weeks to people who submitted tax returns in both 2021 and 2022. Before they may receive their refund, taxpayers must file their taxes.
Married individuals who file separately from their spouse will receive $250. Depending on whether a person or couple has a tax liability, head of household filers will receive $375, and married people who file joint returns would receive $500.
When To rEceive Tax Rebate?
As long as you submit your taxes by April 18 or earlier, the majority of refunds will be issued by July 1.
The monies come from the state’s existing excess of more than $1 billion. Those who have submitted their state income tax returns for both 2021 and 2022 will be eligible for Georgia’s new tax rebate.
Retirees, for example, who do not owe state income taxes, won’t receive a rebate. Students who were classified as dependents and who worked last year, however, may be eligible for the rebate if they file their taxes independently.
Individual taxpayers who qualify will receive a $250 tax rebate, heads of households will receive a $375 rebate, and married couples filing jointly will receive a $500 rebate. Georgia’s present surplus revenues, which total more than $1 billion, will be used to pay for the new tax rebate.
Within six to eight weeks, the Georgia Department of Revenue will begin issuing the tax rebate to eligible taxpayers. For individuals who submitted their returns on or before April 18, the agency will distribute the majority of rebates by July 1.
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Democrats Urge Bigger Rebates
A tool to enable taxpayers to verify the status of their rebates will also be released soon by the Georgia Department of Revenue.
Some Democrats contend that it would have been preferable to use the surplus funds to provide larger tax rebates to those whose incomes are insufficient to cover them.
Democrats also claim that spending the money on underfunded state services like childcare subsidies for low-income families, increased access to healthcare, and higher teacher pay would have been a better use of the funds.
As part of the revised budget for this year, Mr. Kemp also signed a $950 million property tax relief into law last week. Gov. Kemp kept two important promises he made during his successful reelection campaign last year by authorizing both the income tax and property tax rebates.
Going forward, it’s feasible that Georgians will receive further rebates. The state has $6.6 billion in extra revenue at the end of the most recent fiscal year. The state’s rainy day fund, which has surpassed its legal cap of $5.2 billion, is in addition to this extra earnings.
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