PAYMENTS worth up to $500 are finally going out this month to select Americans.
The money is awarded to taxpayers after significant delays.
It’s known as the Georgia Surplus Tax Refund (HB 112), and will be sent to those residents who applied for it by a deadline of May 1.
Eligible candidates would’ve filed an Individual Income Tax Return for 2023 and 2024 by the time of the deadline or October 15 if awarded an extension.
They must’ve also had tax liability for the 2023 tax year and be either a full, part-year, or nonresident living in Georgia.
Total amounts in the checks or direct deposits delivered to qualifying applicants in June will depend on tax filing status.
For those who filed as Single or Married Filing Separate, maximum payouts are $250.
Head of Household is $375, and Married filing Joint can get $500.
If there’s a leftover balance owed to the IRS, the rebate will be used to pay it.
Some residents may have already received the cash.
The Georgia Department of Revenue noted on a page dedicated for the tax debate that payments would be fully processed about six to eight weeks after the May 1 deadline.
On top of the rebate, Georgia is also officially lowering its state income tax rate to 5.19%, which will continue to decrease in 2026, per CBS affiliate WTOC.
This means even more money back in Georgians pockets.
“We know that this is your money, not the governments, and we know that you know best how to spend it,” Georgia Governor Brian Kemp (R) noted in a statement.
“I’m proud to put this money back where it belongs and entrust hard-working Georgians with their own funds, especially as families deal with the high-cost environment that we have been in over the last several years.”
But, why the rebate now as opposed to previous years?
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.
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.
Survery by Talker Research.
ECONOMY BOOM
Experts like Michael Toma, an economics professor at Georgia Southern University, said Georgia’s economy is growing faster than the United States economy a whole.
“The state has basically said: Oh, we’ve had some really good couple of years, we believe that the taxpayers in Georgia deserve to share in some of this surplus,” Toma told WTOC.
More information about the tax rebate can be found on the FAQ section of the Georgia Department of Revenue’s website.
Other states around the country are also sending out payments to select residents.
HELPING HAND
For example, the California Abundant Birth Project is delivering economic impact checks for 12 to 18 months.
It seeks to assist pregnant women who have the highest risk of preterm birth with monthly check amounts between $616 to $1,000.
Amounts will depend on the county where residents reside.
Those who reside in Alameda can get $967, in Contra Costa $1,000, Los Angeles $807, and Riverside $616.
There’s also no restrictions on the cash, leaving mothers to spend the cash however they see fit.
Select Americans who meet three requirements can also get $725 stimulus checks.
Inflation-busting $400 checks are also being delivered to Americans who meet some strict criteria.
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