Economy

Gov. Kemp Recommends Income Tax Refunds and Property Tax Rebates From Georgia

Georgians may soon get some tax refunds, as well as tax rebates, if the proposal from Gov. Brian Kemp gains support. Gov. Kemp recently presented his budget recommendations that include sending state income tax refunds and property tax rebates from Georgia to eligible residents.

Income Tax Refunds And Property Tax Rebates From Georgia: How Much To Expect

Last week, Gov. Kemp submitted his recommendations for the AFY 2023 and FY 2024 budgets to the General Assembly. Among other things, the recommendations include $1 billion for a second state income tax refund and $1.1 billion for the one-time Homeowner Tax Relief Grant program.

“Instead of spending [the surplus] on big government programs … we’re going to put it back in [taxpayers’] pockets,” Gov. Kemp said during the first week of each legislative session.

Georgia’s second state income tax refund, if approved, would provide single filers with a refund of up to $250 and up to $500 for joint filers.

Similarly, the $1.1 billion for a one-time Homeowner Tax Relief Grant program would provide a property tax rebate from Georgia of about $500 to every eligible homeowner. With the property tax rebate from Georgia, Gov. Kemp aims to protect homeowners from a possible rise in property taxes due to inflation.

With his budget proposal, Gov. Kemp, who won reelection in November, took another step to fulfill his pledge he made on the campaign trail to double down on a tax rebate the General Assembly passed last year.

Gov. Kemp. plans to use the state’s massive $6.6 billion budget surplus to provide tax relief to residents.

Kemp’s tax rebate proposals are expected to receive pushback from legislative Democrats, who argue that the budget surplus should be used to improve education and health care.

House Democratic minority leader James Beverly believes that the budget surplus should be utilized to expand Medicaid and not for a one-time $500 property tax relief grant.

Public policy groups are also of the opinion that the governor should use the money to make long-lasting investments, rather than spending on one-time tax relief measures.

Other Budget Recommendations From Gov. Kemp

Apart from offering income tax refunds and property tax rebates from Georgia, Gov. Kemp also recommends using the surplus to improve education, healthcare and provide affordable housing.

Gov. Kemp’s recommendations include setting aside $745 million in AFY 2023 and over $1.1 billion in FY 2024 for K-12 education, and $303 million to adjust the state base salary schedule to provide a raise of $2,000 to certified education personnel.

Gov. Kemp also plans to reallocate $35.7 million within OneGeorgia to establish the Rural Workforce Housing Fund. This would eventually ensure that the workforce has access to quality housing opportunities.

Gov. Kemp’s budget recommendations also include setting aside $52 million to implement the Georgia Pathways to Coverage program. The objective of the program is to boost health insurance access across the state.

This article originally appeared on ValueWalk

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