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$400 Boost for Alabama: Payments Coming Soon for Residents!

Residents of Alabama are likely to receive a payment of $400 or more in the near future. This is due to the surplus in revenue that the state got this year.

Alabama Policy Institute stated in an article published on October 10, 2022 that the state government of Alabama is currently in possession of a surplus of over $2 billion dollars. This surplus was created when the state collected over $13 billion in revenue during the 2022 fiscal year, which exceeded the budgeted amount of $11 billion.

Given the excess money that the state now has, officials are working to decide the most effective way to use it. One suggestion that has been made is to give the money back to taxpayers, as proposed by Senator Arthur Orr.

He mentioned in a WBRC report on October  26, 2022 that the rebate proposal could result in each taxpayer receiving between $150 and $200, and those who file jointly as married couples could potentially receive double this amount.

It is worth mentioning that the state of Alabama still has $1 billion in federal American Rescue Plan Act funds that have not yet been spent. This is in addition to the surplus of revenue that was collected in 2022. This means that the state has even more money to potentially distribute to taxpayers in addition to the surplus.

 

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