PAYMENTS worth $500 are finally being distributed this month to a select few Americans.
The funds are being sent to taxpayers after significant delays, as part of Georgia’s third round of special tax refunds.
Taxpayers are being urged to check their eligibility status for the $500 refunds[/caption]
Georgia residents may be able to claim up to $500[/caption]
The payments are known as the Georgia Surplus Tax Refund and will be sent to residents who applied for it before the May 1 deadline this year.
Eligible candidates must have met a number of criteria, including having filed a tax return in both 2023 and 2024.
They must have paid into the tax system and not owe the Department of Revenue any money.
Also, they must be either a full, part-year or non resident living in Georgia.
An individual filer’s refund will depend on their tax liability for the 2023 tax year and is capped at different amounts.
For those who filed as single or married individuals filing will get a maximum payout of $250.
For people who filed as a head of household they will get $375 while married individuals filing jointly can get $500.
PAYMENTS FLOWING
Some people have already received the cash, with direct deposits reported on June 16.
It comes after the state’s Department of Revenue said they would be processed about six to eight weeks after the May 1 application deadline.
Taxpayers can check their eligibility using the state’s surplus tax refund eligibility tool.
All you need to do is visit the website, and input your details including your Social Security number and then enter your adjusted gross income from your 2023 return.
On top of the debate, Georgia is also lowering its state income tax rate to 5.19% according to 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?
ECONOMIC BOOM
Experts like Michael Toma, an economics professor at Georgia Southern University, said the state’s economy is growing faster than the United States’ economy.
“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.
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.
