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Georgia To Allocate $6.6 Billion Excess Budget To Tax Rebates, Revenue Replenishment

Tax Rebates
Tax Rebates

The state of Georgia has plans to allocate its $6.6 billion excess budget to tax rebates and replenishment of past revenues. Georgia officials will finalize the plans for the excess budget today, January 9.

Tax Rebates

Tax Rebates

Residents of Georgia can look forward to receiving one-time tax rebates due to a new proposal being planned by the officials of the state. Georgia has finished the year 2022 with an excess budget of $6.6 billion in cash. Governor Brian Kemp has announced his plans to allocate more than $3 billion from the $6.6 billion excess budget to issue one-time tax rebates to the residents of the state.

According to Xie, for the remaining $3 billion excess budget, Kemp also has a few plans in mind for where he wants to allocate the money. First, Kemp also aims to replenish past revenues of the state using $1.7 billion of the excess budget. Second, Kemp also plans to issue another batch of income tax rebates similar to the $1.1 billion tax rebates distributed in 2022. Lastly, Kemp also wants to renew a property tax rebate program terminated in 2009. He aims to spend $1 billion of the excess budget to issue around $500 a year for eligible homeowners. Today, January 9, the state’s officials will finalize the plans for the $6.6 billion excess budget.

READ ALSO: Stimulus Update: Check If Your State Is Still Distributing Payments

But Georgia Still Struggles With Overspending

According to Xie, the state had also allocated money for salary increases before. However, Georgia lawmakers are most likely to discontinue the salary increases for now. This is because the initiative prompted a huge increase in spending which left 2022’s budget with an 11% overspending than the original plan. The state may also resume taxes on gasoline which will increase the price to 29.1 cents per gallon and 32.6 cents per gallon for diesel. The money collected will be used toward transportation.

READ ALSO: Florida To Save Up To $400 After Toll Relief In January 2023

 

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