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Kemp is planning advances on income tax rebates in Georgia

ATLANTA (AP) – Gov. Brian Kemp’s plan to pay a $ 1.6 billion state income tax refund is advancing, and lawmakers are working to help the Republican governor keep his promise to return taxpayers’ portion of Georgia’s historic surplus, as both Kemp and lawmakers are pushing. re-election.

The House Affairs Committee unanimously voted in favor of the House of Representatives bill 1302 on Thursday, sending it to the full house for further discussion.

“For the state of Georgia, this is an opportunity to return money to Georgian taxpayers,” said MP Josh Boner, a Republican from Fayetteville who is one of Kemp’s leaders.

The measure promises a $ 250 discount for single people, $ 375 for single adults who head a family with dependents, and $ 500 for married couples who apply together. Refunds will only be paid to people who have filed tax returns for the 2020 and 2021 tax years. The state began processing declarations for 2021 on February 1, and declarations must be filed on April 18, unless the taxpayer extends the deadline.

Georgia earned a surplus of $ 3.7 billion in the fiscal year, ending June 30, replenishing its fund on a rainy day to the legal limit and leaving an additional unspecified surplus of $ 2.3 billion. Taxes will be returned from this money, but even after that the state will have more than $ 700 million in the bank. Money for payments is provided in the amended budget for the current year.

As incomes increase, lawmakers are also advancing with Kemp’s plans to raise $ 5,000 for state and university staff and $ 2,000 for teachers. Lawmakers are also likely to consider more permanent tax cuts.

The bill says the refund will be made against the taxpayer’s tax liabilities in 2020. No one could return more money than paid that year.

The state will first use the refund to repay current taxes due and will then refund it to the taxpayer, usually by direct deposit to the taxpayer’s bank account. However, it will continue to intercept the return of people who have debts such as overdue alimony.

It is unclear how long it will take the state to start payments when the bill is passed.

“Of course, we would like to start delivering these checks immediately after signing, but it will be a process,” Boner said.

Enrollment or refunds will be automatic for those who file declarations for 2020 and 2021, with no further action. People who have already filed tax returns for 2021 will not need to file taxes again.

The return will not be considered taxable income for state purposes, but Revenue Commissioner Robin Cretenden told the subcommittee on Wednesday that it would be considered taxable income for federal income taxes.

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Kemp is planning advances on income tax rebates in Georgia

ATLANTA (AP) – Gov. Brian Kemp’s plan to pay a $ 1.6 billion state income tax refund is advancing, and lawmakers are working to help the Republican governor keep his promise to return taxpayers’ portion of Georgia’s historic surplus, as both Kemp and lawmakers are pushing. re-election.

The House Affairs Committee unanimously voted in favor of the House of Representatives bill 1302 on Thursday, sending it to the full house for further discussion.

“For the state of Georgia, this is an opportunity to return money to Georgian taxpayers,” said MP Josh Boner, a Republican from Fayetteville who is one of Kemp’s leaders.

The measure promises a $ 250 discount for single people, $ 375 for single adults who head a family with dependents, and $ 500 for married couples who apply together. Refunds will only be paid to people who have filed tax returns for the 2020 and 2021 tax years. The state began processing declarations for 2021 on February 1, and declarations must be filed on April 18, unless the taxpayer extends the deadline.

Georgia earned a surplus of $ 3.7 billion in the fiscal year, ending June 30, replenishing its fund on a rainy day to the legal limit and leaving an additional unspecified surplus of $ 2.3 billion. Taxes will be returned from this money, but even after that the state will have more than $ 700 million in the bank. Money for payments is provided in the amended budget for the current year.

As incomes increase, lawmakers are also advancing with Kemp’s plans to raise $ 5,000 for state and university staff and $ 2,000 for teachers. Lawmakers are also likely to consider more permanent tax cuts.

The bill says the refund will be made against the taxpayer’s tax liabilities in 2020. No one could return more money than paid that year.

The state will first use the refund to repay current taxes due and will then refund it to the taxpayer, usually by direct deposit to the taxpayer’s bank account. However, it will continue to intercept the return of people who have debts such as overdue alimony.

It is unclear how long it will take the state to start payments when the bill is passed.

“Of course, we would like to start delivering these checks immediately after signing, but it will be a process,” Boner said.

Enrollment or refunds will be automatic for those who file declarations for 2020 and 2021, with no further action. People who have already filed tax returns for 2021 will not need to file taxes again.

The return will not be considered taxable income for state purposes, but Revenue Commissioner Robin Cretenden told the subcommittee on Wednesday that it would be considered taxable income for federal income taxes.

Reported by Source link

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Most Popular