Georgia residents are set to receive up to $500 in income tax refunds following Governor Brian Kemp’s signing of HB 162 into law.
Eligible residents in Georgia are set to receive new refund. (Photo: Economic Times)
Tax Refunds
The refunds are part of the state’s $6.6 billion budget surplus, with $1 billion set aside for this initiative. The rebates will be the same size as last year’s refund, with solo filers receiving $250, heads of households getting $375, and couples due $500.
To qualify for this year’s refund, residents must have filed both their 2021 and 2022 taxes, and the amount received cannot exceed their previous income tax liability, according to a published article in The U.S. Sun.
Nonresidents living in the state and those claimed as dependents on someone else’s taxes are not eligible for the rebate. The Georgia Department of Revenue (DOR) plans to start sending out the rebates in two to eight weeks, with those filing before April 18 expecting to receive their cash by July 1.
Georgia Governor Keeps His Promise
Governor Kemp campaigned on the rebates during his successful re-election bid last fall, citing the need to help Georgia families who are fighting through 40-year high inflation. Last year, Georgia returned over $1 billion to its taxpayers, and Kemp expressed pride in doing it again.
The refunds provide much-needed relief for Georgia residents struggling with the financial impact of the COVID-19 pandemic. The state’s budget surplus represents an opportunity to ease the burden on residents and promote economic growth.
The DOR has provided an explainer to help residents learn more about the refund, including eligibility criteria and how to claim the rebate. The refund is expected to benefit a significant number of Georgia residents and contribute to the state’s economic recovery.
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