Governor Brian Kemp proposed making the one-time direct payments using $1 billion of the state’s $6.6 billion budget surplus, which could result in millions of Georgians receiving tax credits of up to $500.
To revise this year’s budget to spend an additional $2.4 billion in anticipated revenue, The Associated Press said the Georgia House on Thursday authorized funding for a $1 billion property cut and a $1 billion income break.
Georgia House Approves Amended Budget With Cash for Tax Breaks
An 11Alive report mentioned that the Georgia House approved House Bill 18, which includes $1 billion property break and $1 billion income break, on Thursday by a vote of 170-1 in favor, sending it to the Senate for more discussion.
Gov. Brian Kemp now proposes spending $32.6 billion of state revenue in the fiscal year that ends on June 30, an increase of 7.3% from what the Republican had predicted the previous year. Total spending would increase to $61.6 billion when federal and other funds are included.
The House budget proposal would also move $100 million into employee health insurance to mitigate a significant rise in public school districts’ health insurance premiums. Separate parliamentary authorisation is required for each break.
Who Are Eligible For This Special Rebate
In the event that the plan is put into effect, Marca said lawmakers will base it on House Bill 1302, which gave Georgian taxpayers a $500 rebate the previous year. This measure increased the joint filing limits for married couples to $500, head of household filers to $375, and single filers to $250.
Residents were qualified for the compensation if they submitted returns in 2020 or 2021. However, some payers who filed online also received a direct transfer. Most of them received their money through a physical check handed to them.
The governor also spoke about a $1 billion property tax relief plan that the state House had approved and would provide the average homeowner in Georgia a $500 rebate.