Under a new proposal, millions of Americans could get a one-time tax refund.
On January 9, the state will finalize a spending plan for the surplus. Over $6 billion from a surplus budget might be claimed by Georgian residents this year.
On the other hand, Governor Brian Kemp announced his plan to spend over $3 billion from the $6.6 billion pot for one-time rebates to be distributed.
It has not yet been finalized where the remaining money will be allotted, but Kemp has a few places he wanted to allot the money.
First, taxes on gasoline 29.1 cents per gallon and 32.6 cents per gallon for diesel may resume in Georgia, and the money will be allotted toward transportation.
Second, Kemp wants another round of state income tax rebates just like last year’s $1.1 billion in payments.
Lastly, he wants to revive an abolished property tax rebate last 2009 and hopes to spend $1 billion to save about $500 a year for homeowners.
According to Senate Appropriators Committee Chairman Blake Tillery, after adding $5,000 raises to universities and $2,000 to state agency employees like public school teachers, lawmakers are likely to pause pay increases.
With this year’s budget rising 11 percent over 2022’s original plan, the pay raises drove a big increase in spending.
