Georgia Governor Brian Kemp, alongside legislative and business leaders, announced a tax refund for Georgia residents, emphasizing that the money belongs to the people, not the government. The state’s surplus funds, totaling $16.5 billion, will be used to provide income tax refunds. House Bill 112 outlines refunds of up to $250 for individuals, $375 for heads of household, and $500 for married couples filing jointly.
To qualify for the full refund, taxpayers must have been Georgia residents and filed income tax returns for 2023 and 2024. Partial refunds may be available for part-year or nonresident filers, as well as those who owe money to the state or paid less in taxes in 2023. Refunds will be issued via direct deposit or check starting in late May and early June to eligible filers who have already filed their tax returns.
Additionally, Governor Kemp signed House Bill 111, reducing the state’s individual and corporate income tax rate from 5.39% to 5.19% this year. This measure aims to put an extra $1 billion back into taxpayers’ pockets through fiscal year 2026. However, the impact of the tax cut may vary, with middle-income earners seeing an average reduction of $70 per year, while the top 1% of earners could receive an average cut of $2,787 annually.
For more information on eligibility for the Georgia income tax refund, residents can visit the Georgia Department of Revenue website. This move reflects the state’s efforts to provide financial relief to its residents and stimulate the economy following the pandemic.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
