Georgia residents can benefit from a budget surplus of over $6 billion. The state ended her 2022 fiscal year with a $6.6 billion cash surplus.
On January 9th, the state will finalize the surplus plan. Gov. Brian Kemp has announced plans to spend more than his $3 billion from a $6.6 billion pot to distribute a one-time tax refund.
Where does the rest of his $3 billion go?
Georgia has yet to decide where his remaining $3 billion will go, but Kemp has a few places he wants to direct the money. According to Senate Appropriations Committee Chair Blake Tillery, lawmakers are likely to pause pay increases after adding $5,000 to colleges and $2,000 to state agency employees, such as public school teachers.
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A pay rise has seen spending skyrocket, and this year’s budget has seen him increase 11% from his original plan for 2022. First, Georgia could reintroduce a gas tax. 29.1 cents per gallon and 32.6 cents for diesel. The money will be used for transportation.
Additionally, Kemp plans to replenish previous earnings with his more than $1.7 billion surplus. Second, Kemp also plans to make another state income tax refund, similar to his $1.1 billion payment last year. Finally, Kemp wants to revive property tax refunds that were discontinued in 2009, hoping to spend $1 billion to save homeowners about $500 a year. In 2022, Kemp signed House Bill 1302. This provided her one-time tax credit to taxpayers who filed income tax returns for both the 2020 and 2021 tax years.
