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How does it affect Black taxpayers in the state? Much of Georgia’s surplus money was added to the state’s rainy day fund, but roughly $2.2 billion in surplus remained after Georgia’s savings account was filled to the maximum legal limit of $4.3 billion. “I’m unaware of … a surplus of this magnitude, nor am I aware of any similar tax rebate,” Denson told Capital B Atlanta. It’s unclear whether Georgia has ever had a tax surplus of this size, according to Chris Denson, director of policy and research at the Georgia Public Policy Foundation. “Now that those policies are expiring, and the emergence of other economic problems like inflation and the war in Ukraine, there is a chance the budget situation will look very different and possibly much worse in the near future,” Auxier said Has this happened in Georgia before? That’s due to unexpected economic growth, an atypically large amount of pandemic aid funds from the federal government, and tax contributions from wealthy people who fared better during the pandemic. While budget surpluses are common, Auxier said the size of this year’s surpluses - in Georgia and most other states - is unusual. Auxier, senior policy associate at the Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution. Georgia is one of nine states to issue one-time tax rebates in response to pandemic-related tax revenue surpluses, according to Richard C. The state received an estimated total of $ 17.4 billion from the American Rescue Plan passed by Congress in March of last year, according to recent projections from the Governor’s Office of Planning and Budget. Georgia received $4.1 billion through the CARES Act passed by Congress in March 2020 and signed into law by former President Donald Trump. The foundation is a nonprofit tax policy research organization based in Washington, D.C. “That did make a difference for a lot of states in terms of their end-of-year budgets,” said Janelle Cammenga, policy analyst for the Tax Foundation’s Center for State Tax Policy. Georgia finished the 2021 fiscal year, which began in July 2020 and ended last year on June 30, with a $3.7 billion tax surplus, according to a State Accounting Office report. “These are challenging times, and the budget reflects that reality,” Kemp said at the time.īut Georgia’s economy bounced back quicker than many expected, due in part to federal pandemic relief funds authorized by Congress
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Kemp signed the reduced budget into law on June 30, 2020. The dire circumstances motivated state lawmakers to cut Georgia’s 2021 fiscal year budget by about 10%, or roughly $2 billion. Georgia’s economic prospects didn’t look so good during the spring of 2020 after COVID-19 spread across the state and the nation. The tax surplus happened for two reasons: less government spending and more tax revenue than expected. Individuals who owe taxes, however, could have their rebate applied to their outstanding balance before receiving a payout for whatever is left. Those payments will be made electronically to people’s bank accounts or via checks in the mail, depending on how they filed their taxes.
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Married couples who filed joint returns will receive $500. Single taxpayers and married taxpayers who filed separate returns will receive $250. It depends on an individual’s tax-filing status. How much is the refund, and how do you get it? That means eligible Georgia residents should receive some of their own money back from the state some time between now and May 18. “The expected timeline for refunds to begin being issued is 6-8 weeks from the date the bill was signed into law,” the Georgia Department of Revenue said via email. Georgia taxpayers who previously filed income tax returns for both 20 should receive the one-time tax rebate, according to the law’s text and the state Department of Revenue. Here’s a breakdown of who should expect checks, and how the tax surplus refund will be administered. The measure, known as House Bill 1302, was passed by both chambers of the Georgia General Assembly earlier the same month.
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Brian Kemp signed legislation into law that will return a total of more than $1 billion to Georgia taxpayers in the form of one-time tax rebates. Rising inflation has made it harder for many Georgians to pay their bills this year, but some are about to receive a tiny bit of economic relief from state government.