Georgia will be sending $1.1 billion in refund checks to taxpayers in the coming weeks after the Governor signed legislation designed to help families cope with the recent surge in inflation, H.B. 1302, which offers an income tax credit to taxpayers.
The new law grants a one-time $250 income tax credit to single filers and a $500 credit to joint filers. The measure allows for credits to taxpayers who filed returns for both the 2020 and 2021 tax years. The credit is limited to their total tax liability and has no income limitations.
Taxpayers who have already filed for the 2021 tax year won’t be required to amend their tax returns.
Taxpayers that filed in 2020 and 2021 will have the amount added to their refund. If they have already received their refund, they will send the additional amount separately. If the taxpayer(s) owed taxes, the amount will also be sent separately.
Taxpayers that filed in 2020, but not yet in 2021, may add the credit to their 2021 return when filed by the due date for the 2021 taxable year, including any extensions granted.
The action comes just days after the Governor signed H.B. 304, which additionally suspends Georgia’s 29.1 cents per gallon excise tax on gasoline through May 31.
The full bill and frequently asked questions may be found here.
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