Georgia ended its last budget year with $6.6 billion in surplus revenue in the bank, even after the state's rainy day fund was filled to its legal limit of $5.2 billion. Kemp can seek another year of rebates because the state coffers continue to overflow. People who itemize returns could have to pay federal income taxes on the state refund. The IRS announced last week that Georgia's refund checks from 2022 won't be treated as taxable income for people now paying federal income taxes if they take the standard deduction. "The governor is committed to the citizens of Georgia, and this is one way he's going to give their money back to them," said Rep. People who don't owe state income taxes, including many retirees, wouldn't get any money. They would be automatic for anyone who files a 20 return, with no further action required. Rebates or credits would be issued in the spring if the bill passes. The refund would only be paid to people who filed tax returns for both the 20 tax years, and no one can get back more than they paid in state income taxes in 2021. It would give give a refund of up to $250 to single filers, up to $375 to single adults who head a household with dependents and up to $500 to married couples filing jointly. House Bill 162 calls for a second year in a row of income tax refunds. Both the income tax and property tax givebacks were key Kemp pledges in his successful reelection campaign last year. Kemp also plans a $1 billion property tax rebate that is moving forward as part of the amended budget for this year. The House Ways and Means Committee voted Thursday to pass bills that would give income tax filers another $1 billion in tax refunds and to ratify the Republican governor's decision to waive tax collection on gasoline and diesel fuel for months. Brian Kemp's tax cut agenda are advancing in the state House. Here is a list of our partners who offer products that we have affiliate links for.Two more pieces of Gov. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective.
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