Georgia taxpayers will be receiving a little extra cash this year, thanks to the state’s revenue surplus. This week, the first round of special refund checks was sent to Georgia filers. The Georgia Department of Revenue says the payments are “on track” to reach all qualified taxpayers by the end of the month.
The Georgia Surplus Tax Refund is part of a budget surplus that the Governor and legislature decided to return to taxpayers in the form of one-time payments. The payments will total $1 billion and be distributed through the Department of Revenue.
The funds will be deposited into people’s bank accounts or by mail, depending on how they filed their taxes. They will not be taxable on federal returns. The state’s senate passed the bill this week, and the governor is expected to sign it soon. The money is intended to provide financial relief to individuals and businesses.
Am I Eligible for Georgia Surplus Tax Refund?
A Georgia surplus tax refund is a return of excess taxes paid by a taxpayer during the year. This money is typically returned through withholding from paychecks or estimated tax payments. The state’s tax system is designed to process and issue these refunds in a timely manner. The system also allows taxpayers to check their refund status online, promoting transparency and convenience.
However, you should keep a few things in mind when checking your refund. First, you should know that your refund may be offset by debts owed to the state, including back child support and delinquent taxes. You will receive a notification if this occurs.
A new tool was launched today to help Georgia filers determine their eligibility for the Georgia surplus tax refund. The Georgia Department of Revenue’s new tool can be accessed by entering the tax year, Social Security number or Individual Tax Identification Number, and federal adjusted gross income on a Georgia income tax return. The resulting calculation will indicate whether you are eligible for the HB 162 surplus tax refund.
The HB 162 surplus tax refund will be distributed in the form of checks to people who filed taxes in Tax Year 2021. Single taxpayers will receive $250, while married couples who filed joint returns will receive $500. The payments will be sent electronically to people’s bank accounts or via mail, depending on how they filed their taxes.
The influx of cash is a small consolation to the many Georgians struggling to pay their bills this spring. The state’s economic prospects were dimmed by rising inflation and a decline in tax collections, which Gov. Brian Kemp blames on his policy of setting artificially low revenue estimates.