Georgia officials are gearing up to release a substantial one-time surplus tax refund package totaling $1 billion, as announced by Governor Brian Kemp’s office on Monday. The refunds, which can amount up to $500 for some taxpayers, are set to begin distribution this week.
Eligible taxpayers will receive the following amounts: $250 for single filers and those married filing separately, $375 for head of household filers, and $500 for couples filing jointly. This initiative is part of House Bill 112, signed into law on April 15, alongside House Bill 111, which decreased the state income tax rate from 5.39 percent to 5.19 percent.
When Governor Kemp first revealed the plans for the tax refunds in October, he clarified that these funds would not be considered taxable income. This marks the third instance of tax rebates being issued to Georgia residents since Kemp took office in January 2019.
In a recent news release, Kemp stated, “Because we’ve managed our state’s resources wisely, we’re again able to return money to hardworking Georgians who know how best to use it.
Along with our acceleration of the largest income tax rate cut in state history, this latest refund is just one more way we’re working to support the people of our state, their families and their businesses because that’s not the government’s money, it’s theirs.”
The Georgia Department of Revenue (DOR) has introduced the
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