A newly signed tax rebate program promises direct payments of up to $500, with only a few days left to meet the qualifying deadline.
Georgia’s Governor Brian Kemp signed a $1 billion tax relief package into law Tuesday.
This is intended to alleviate the burden of rising costs for residents throughout the state.
The rebate, Kemp claims, is intended to offset the impact of recent price increases, and it will benefit taxpayers who meet three key criteria.
KEY CRITERIA
The Georgia Department of Revenue states that residents must:
- Have filed a Georgia state tax return for both tax years 2023 and 2024
- Have had a state tax liability in 2023
- Be a Georgia resident, part-year resident, or taxable nonresident
More importantly, taxpayers must file both returns by May 1, 2025.
The clock is ticking for those hoping to receive the entire amount.
REBATE AMOUNTS
Your 2023 filing status determines the amount of rebate you receive.
Married couples filing jointly are eligible for up to $500, heads of household for up to $375, and single filers for up to $250.
Part-year residents and taxable nonresidents will receive a prorated payment based on their tax liability.
Previously, 75% of rebate payments were sent via direct deposit, and similar processing is expected this time around.
WORDS FROM THE GOVERNOR
Kemp, a rising Republican political figure and potential candidate for higher office, emphasized the state’s fiscal responsibility in a statement.
“Here in Georgia, we safeguard every dollar of taxpayer money because we know it belongs to the people, not the government,” the governor said.
“While other states are running up budget deficits and raising taxes, we’re investing in priorities and returning more than a billion dollars to hardworking Georgians.”
NEXT STEPS
With Tax Day (April 15) now behind us, eligible Georgians who have filed their returns may begin receiving rebate payments in the coming weeks.
Those who have not yet filed should act quickly to avoid missing out.
Remember to submit both returns by May 1, 2025.
Majority of Americans plan out tax refund spending half a YEAR in advance
A new study conducted by Talker Research has found a third of Americans plan out what to spend their tax refund on half of a year in advance.
The new poll of 2,000 U.S. taxpayers found 79% believe they’ll get some sort of refund this year, and many of them have already planned out what to spend it on.
A majority (52%) said their tax refund is an important part of their budgeting plans, and 77% plan to spend their refund on necessities.
Chief among necessities were bills like rent (52%), groceries and essential items (44%) and credit card debt (37%).
Over half (56%) of those spending their refund money on credit card debt are specifically targeting their holiday season purchases.
Meanwhile, 8% are planning to spend their refund on luxuries.
They’re spending their refund on new clothes (37%), entertainment (28%) and new phones (26%).
Commissioned by TaxSlayer and conducted by Talker Research, the study found the average person hopes to receive roughly $1,700 in tax refund money this year.Â
A fifth (22%) believe they’ll end up with more money this year than last, while 26% believe the opposite. Half (51%) expect to receive about the same amount.
Last year, 12% said they got a larger-than-expected tax refund, while 20% recalled getting less than what they expected.
Many respondents expecting to receive more this year said it was due to withholding more money on their W-2, making more money in the past year and having a newborn.
And those expecting to receive less shared potential causes why: losing their job, owing back taxes, children aging into adulthood and increased tax rates.
