A state Income Tax Refund Bill was approved by Georgia Governor Brian Kemp on Wednesday.
Income Tax Refund Bill HB 162 would offer Georgians who filed returns for both the 2021 and 2022 tax years a special state income tax refund. The budget for AFY 2023, includes the one-time tax benefit, according to the press release. The return of more than $1 billion in surplus funds to taxpayers is planned.
Income Tax Refund Bill Signed By The Governor
The Income Tax Refund Bill announcement from Governor Brian Kemp stated, “Though some in Washington D.C. are clamoring for tax increases, we are returning money back to working Georgians.”
Furthermore, we are expanding opportunities while they would like to expand government. We gave back more than a billion dollars to the state’s taxpayers the previous year, and I am pleased to say we are doing it again this year. Thank you to the members of the General Assembly who voted in favor of our proposal to aid Georgian families battling a 40-year high inflation rate.
Within six to eight weeks, the Department of Revenue (DOR) is anticipated to start offering special income tax refunds. Prior to collecting the refund, taxpayers need to file their 2021 and 2022 taxes, per the announcement. For taxpayers who file on or before April 18, DOR will start giving out the refunds by July 1.
According to the press release, depending on an individual or couple’s tax liability, married individuals filing joint forms might receive a maximum refund of $500, head of household filers may receive a total refund of $375, and solo tax filers could receive a maximum refund of $250.
On the DOR website, a FAQ page will soon be available on the tax refund for this year. The DOR website will soon introduce a new feature that will allow Georgia taxpayers to monitor the validity of their special tax returns. It is anticipated to go live in six to eight weeks.