An income tax refund of up to $500 could be approved soon thanks to House Bill 162 worth a $6.6 billion budget surplus.
Up To $500 Income Tax Rebates From House Bill 162 Worth $6.6Billion Budget Surplus (PHOTO: The US Sun)
Income Tax Refund
House Bill 162, which would supply most Georgians with income tax rebates of $250 to $500 continues to progress in the Georgia Senate after the Georgia House of Representatives overwhelmingly passed the bill in February. The Georgia Senate Finance Committee unanimously passed the bill, which would be a repeat of the income tax rebate residents obtained last year.
The income tax refund bill is created possible due to Georgia’s higher-than-projected revenues leading to bigger funds worth a $6.6 billion budget surplus. House Bill 162 still requires to be voted on by the Georgia senate and signed into law by Governor Brian Kemp before it becomes law and the rebates are sent out.
REBATE BASICS
If the income tax rebates will be approved, the rebates would pay most Georgia residents their income tax rebates based on their filing status. The program is modeled after House Bill 1302, which offered up to $500 in rebates to taxpayers last year. Single filers would accept $250, heads of household filers would get $375, and married couples would be $500.
The payments would begin sometime after all 2022 tax returns are returned. The amount you obtain cannot be more than your previous income tax liability. Nonresidents residing in the state of Georgia and those claimed as dependent are not qualified to obtain the rebate.
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