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Friday, July 1, 2022

A $500 Tax Refund Could Be Yours Within A Week

With people falling back on the states to help them out of the high inflation that has gripped the American economy, several states have come up with various relief measures to help out their residents. While many are sending out stimulus checks, some have issued gas cards and one-timer tax waivers.

Georgia is allowing taxpayers a refund on some or all of the income taxes due for 2020 through House Bill 1302. The legislation was recently passed by the general assembly of Georgia and was signed by Governor Kemp. It allows for an additional refund of the 2020 income tax as the state has enjoyed a revenue surplus.

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Residents of Georgia who have filed their tax returns in the state of Georgia in 2020-21 are qualified to get a $250 payment while heads of household will get a maximum tax refund of $375. Married individuals who file their returns jointly could receive a refund of $500. HB 1302 allows only a maximum refund amount of $250 for single filers.

No Income Caps Have Been Placed For The State Tax Refund In Georgia

Significantly, no caps on income have been placed on the rebate, though tax filers will not get more than the amount they paid in 2020 taxes.

Governor Kemp noted that even as hardworking residents of Georgia face the pain of high inflation rates, the state is doing all it can to arrange for relief through the tax refund. He blamed the policies of the current federal government for the present economic situation.

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As the DOR has numerous refunds to take care of, it will be quite some time till the tax refund check reaches every taxpayer in the state. The Georgian administration has stated that it anticipates a refund for every taxpayer filing their taxes before April 19 to be issued by the end of August.

If the tax returns for both 2020 and 2021 have been filed, the tax filers don’t have to do anything to get their refund.

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