Up to $500 in new tax refunds for MILLIONS of Americans

GEORGIA residents are set to receive up to $500 in tax refunds this year under new legislation signed into law by Gov. Brian Kemp.

The money comes from the state’s $3.7 billion budget surplus.

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The bill passed both the Georgia House and the Senate.

Governor Kemp thanked lawmakers, saying in a statement, “If the government takes in more than it needs, I believe those dollars should be returned to the taxpayer because that’s your money — not the government’s.”

The new legislation comes with controversy for Gov. Kemp, who is up for re-election.

In a tweetFormer US Senator David Perdue, who is running against the governor in the Republican primary, called the election-year tax refund a “one-off giveaway.”

Democrats are also not thrilled that Gov. Kemp is getting all the credit for the refunds.

Max Flugrath, a spokesman for the Democratic Party of Georgia, told the Atlantic Journal-Constitution, “Brian Kemp should thank President (Joe) Biden and the Democrats in Congress for Georgia’s budget surplus that made these tax refunds possible.”

How much will Georgians receive?

Georgia taxpayers receive a one-time tax credit from the state Treasury Department.

Taxpayers get:

• Single or Married Filing Separately: $250
• Head of household: $375
• Married filing jointly: $500

If you haven’t already filed your taxes, the state will do its best to offset the credit against any other refunds owed to you.

For taxpayers whose 2021 returns have already been processed, the Treasury will issue a separate refund.

The Georgia Department of Revenue said it processed nearly 5.3 million income tax returns and issued over 3.4 million refunds.

This round of income tax refunds will cost the state an estimated $1.1 billion.

Who is entitled to the refund?

These refunds are intended to go to millions of Georgia residents.

Any person who was a year-round resident of Georgia and filed a tax return for both 2020 and 2021 is eligible for the refund.

If you were a partial tax returnee and filed individual tax returns for both years (2020 and 2021), you are eligible for a prorated refund.

If you have liabilities to the government, such as B. Missing child support payments will reduce your reimbursement.

The Sun explains Georgia’s Guaranteed Income Program, which pays out $850 a month for two years.

Plus other states with a universal basic income program.