Gov. Brian Kemp signed legislation Tuesday that will deliver more than $1 billion in tax relief to Georgia taxpayers, including a one-time special tax refund.
The Georgia General Assembly passed HB 111 and HB 112 in the last legislative session. HB 111 retroactively lowers the state income tax rate from 5.39% to 5.19% on Jan. 1, 2025.
HB 112 provides Georgians with a one-time special tax refund of up to $500 if they meet the following criteria:
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The filed individual income tax returns for tax years 2023 and 2024 by the May 1 deadline. Those who were granted an extension have until Oct. 15.
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They must have had a tax liability for tax year 2023
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They must be a Georgia resident or part-year resident. Nonresidents, who are legal residents of another state but worked in Georgia or received income from Georgia sources, also qualify.
Residents aren’t eligible if they have been claimed as a dependent by another taxpayer on federal or state taxes and any estates or trusts…