Stimulus Payment Approved: Georgia Residents to Receive One-Time $500 Tax Refund

Residents of Georgia will receive another stimulus payment after Gov. Brian Kemp approved the one-time tax refund for qualified taxpayers.

Per the official statement for House Bill 1302, the stimulus payment will go to residents who filed their taxes for both 2020 and 2021. The estimated payments will range from $250 to $500 based on the taxpayer's filing.

If they are single tax filers, they will get $250 automatically in their nominated bank accounts or mailing addresses as soon as they complete their tax returns. If they are married filers, their joint filing will equal a $500 tax refund. The head of the household, on the other hand, will receive a one-time payment of $375.

Georgia taxpayers who have filed their taxes before the April 18, 2022 deadline won't have to make any adjustments. They will still receive the payment on their indicated tax profiles with the Georgia Department of Revenue either as a direct deposit on their bank or check in the mail in the coming weeks.

Those with any state balance are also qualified to receive the refund. After the state computes what is owed, the remaining balance will also be deposited or mailed to the taxpayper.

Not Part of the Federal Aid

Funding for this one-time tax refund is not part of the American Rescue Plan Act. Rather, Georgia is disbursing more than a billion dollars due to the state's budget surplus in the past year, according to The Sun.

Kemp credits the surplus to the state's strong economy despite the impact of the pandemic. He also said that Georgia's lawmakers have done great on conservative budgeting.

The governor added that the stimulus payment is a swift action against the "record-high inflation" in the last year. The windfall will also allow Georgia to impose a two-month moratorium on gas taxes at the pump.

"It's one-time money," Kemp reiterated. "I think it's best when we have more than we need to send it back to the people that sent it to us, the taxpayers."

Residents who have further questions about this rollout may refer to the HB 1302 Tax Refund FAQs for any clarification.

Stimulus Payments in the Other States

Aside from Georgia, a handful of states are working out similar stimulus payments for their residents. In New Mexico, Gov. Michelle Lujan Grisham approved a tax rebate of $250 (single) and $500 (couples) in early March. In Indiana, residents will receive $125 per taxpayer who files their income tax return this April.

In California, Gov. Gavin Newsom wants to disburse $400 for residents with vehicles to offset the rising cost of gas. The proposal is still under deliberation with lawmakers, but the payments might be in their accounts by July if approved.

Gov. Janet Mills of Maine is considering an $850 stimulus payment. Gov. Tim Walz in Minnesota plans a tax rebate of up to $1,000 for joint filers. Gov. Phil Murphy in New Jersey also wants to distribute $500 per taxpayer. These proposals should be finalized by the end of the financial year.