Georgia Governor Brian Kemp has signed a state income tax refund bill into law that will provide a special state income tax refund for Georgians who filed returns in both the 2021 and 2022 taxable years.
$500 income tax refund will be sent to taxpayers in Georgia. (Photo: The Financial Times)
Surplus Funds Will Be Sent to Taxpayers
Over $1 billion in surplus funds is set to make its way back to taxpayers. According to the governor’s press release, the AFY 2023 budget accounts for the one-time tax credit. The Department of Revenue (DOR) is expected to begin issuing the special income tax refunds within six to eight weeks, with the refunds expected to be issued by July 1 for taxpayers who file on or before April 18.
In a published report in WTXL, Governor Kemp said in the press release that “while some in Washington D.C. are calling for tax increases, we’re sending money back to hardworking Georgians. And while they want to grow government, we’re growing opportunity. Last year, we returned over a billion dollars to the taxpayers of our state, and I’m proud we’re doing it again.”
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Up to $500 will Be Refunded
Last year, married individuals who filed separately and single tax filers could receive a maximum refund of $250, head of household filers could receive a maximum refund of $375, and married individuals who filed joint returns could receive a maximum refund of $500, based on an individual or couple’s tax liability.
Taxpayers must file their 2021 and 2022 taxes prior to receiving the refund. The DOR will launch an FAQ page on its website for this year’s tax refund, and Georgia taxpayers will also have the option to check the status of their special tax refund through an additional tool on the DOR website, which is expected to launch in six to eight weeks, according to a report in Albany Herald.
The income tax refund bill is a welcome relief for Georgians who have been hit hard by inflation, which reached a 40-year high in 2022. The state’s decision to return surplus funds to taxpayers is in contrast to calls for tax increases from some politicians in Washington D.C.
