Georgia Governor Brian Kemp has announced a proposed $1 billion income tax refund for the state’s residents as part of a plan to utilize the surplus in the budget. The surplus, in part due to strong revenue collections and federal pandemic aid, has given the state room to provide relief to taxpayers.
The proposed income tax refund would be equal to $250 for single filers and $500 for joint filers, benefiting around 3.9 million Georgia taxpayers. Kemp stated that the tax refund would help residents who have been impacted by the economic challenges brought on by the COVID-19 pandemic.
The Governor’s office highlighted that this refund is in addition to the $5.8 billion already allocated for infrastructure improvements and school funding in the proposed budget. The surplus has allowed for significant investments in critical areas, while also providing the opportunity for tax relief for Georgia residents.
Kemp’s proposal has received a mixed response, with some critics arguing that the surplus should be used for other priorities such as increasing access to healthcare or addressing poverty. However, Kemp has emphasized the importance of returning the surplus to taxpayers who have been struggling in the wake of the pandemic.
The Governor’s plan will need to be approved by the state legislature before it can be implemented. If approved, Georgia residents can expect to see the income tax refund in their bank accounts in the coming months.
Overall, Kemp’s proposal for a $1 billion income tax refund demonstrates the state’s commitment to providing relief to taxpayers and utilizing surplus funds to benefit Georgia residents.
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