Georgia Governor Brian Kemp signed a state income tax refund bill into law Wednesday.
According to the governor's press release,HB 162 would provide a special state income tax refund for Georgians who filed returns in both the 2021 and 2022 taxable years.
Signed by the governor on March 10, the AFY 2023 budget accounts for the one-time tax credit, the release stated. Over $1 billion in surplus funds is set to make its way back to taxpayers.
"While some in Washington D.C. are calling for tax increases, we’re sending money back to hardworking Georgians," said Governor Brian Kemp in the release. "And while they want to grow government, we’re growing opportunity. Last year, we returned over a billion dollars to the taxpayers of our state, and I'm proud we're doing it again. Thank you to those in the General Assembly who supported this measure to help Georgia families fighting through 40-year high inflation."
The Department of Revenue (DOR) is expected to begin issuing the special income tax refunds within six to eight weeks. Taxpayers must file their 2021 and 2022 taxes prior to receiving the refund, according to the release.
DOR will begin issuing the refunds by July 1 for taxpayers who file on or before April 18.
Last year, married individuals who filed separately and single tax filers could receive a maximum refund of $250, head of household filers could receive a maximum refund of $375, and married individuals who file join returns could receive a maximum refund of $500, based on an individual or couple's tax liability, the press release said.
An FAQ page is set to make its way on the DOR website for this year's tax refund. Georgia taxpayers will also have the option to check the status of their special tax refund through an additional tool on the DOR website, which is expected to launch in six to eight weeks.