Gov. Brian Kemp signed three bills into law on April 25, 2023, aimed at providing financial benefits to military veterans in Georgia. Two major tax relief measures were included in the bills, with one accelerating the state income tax rate reduction and the other authorizing a $1 billion special state income tax refund. The first bill, House Bill 111, will expedite the phased reduction in the state income tax rate, putting more money back into the hands of working Georgians sooner. The second bill, House Bill 112, will provide eligible individuals with a one-time rebate ranging from $250 to $500, depending on filing status. To qualify for the rebate, taxpayers must file Georgia income tax returns for both 2023 and 2024 and be a full-time Georgia resident for tax purposes. The rebates will not be considered taxable income under Georgia law but may be reduced if the recipient owes outstanding debts to the state. These tax breaks are being implemented as part of Georgia’s ongoing efforts to return excess revenue to taxpayers, with the state’s budget surplus remaining strong. Overall, these bills are aimed at providing much-needed financial relief to Georgia taxpayers, including military veterans, during these challenging times.
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