As the nation continues to grapple with economic challenges and inflation, several states are taking matters into their own hands to provide financial relief to their residents.
State "stimulus checks," which gained popularity in 2022, are still making their way to eligible individuals in 2023.
While most states concluded their stimulus check-style payment programs last year, three states are stepping up to provide one-time tax rebates to their citizens.
States continuing to offer tax rebates
The three states that are still issuing one-time tax rebates this fall are Alabama, Arizona, and Virginia.
These rebate programs are unique because they extend into 2023, offering a financial boost to residents dealing with the ongoing economic repercussions of the pandemic and rising inflation.
While a handful of other states recently wrapped up their state relief programs, these three states have decided to provide additional support through tax rebates.
However, these programs vary not only in the dollar amount but also in terms of eligibility criteria.
Eligibility requirements often include factors such as tax filings, income, and dependents, similar to the COVID-19 stimulus checks, aiming to provide one-time relief to those facing financial hardships.
Georgia's surplus tax refund
Georgia is one of the states taking the lead in providing financial assistance to its residents.
The state has accumulated a substantial surplus of $10.7 billion due to its consistent budget surpluses in recent years.
The surplus cash pile, large enough to allocate $1,000 to every Georgia resident, has been growing steadily despite significant state expenditures.
The state's leadership, including Governor Brian Kemp, has made efforts to fund essential projects while also considering tax breaks for residents.
Some Georgia residents who were affected by Hurricane Idalia have the opportunity to receive a surplus tax refund from the state.
The Georgia Department of Revenue extended the deadline for affected taxpayers to file their 2021 or 2022 tax returns.
These taxpayers now have until February 15 to submit their returns.
The surplus tax refunds are substantial, with amounts varying depending on the taxpayer's filing status.
Single filers or married taxpayers filing separately can receive $250, heads of households may receive $375, and married taxpayers filing jointly could be eligible for a $500 refund.
To qualify for these rebates, taxpayers must have a tax liability for the respective tax year and meet residency criteria.
As residents navigate the ongoing impact of the pandemic and inflation, these tax rebates serve as a valuable resource to help individuals and families manage their finances.
If you're eligible, be sure to check the specific requirements and deadlines for your state's tax rebate program to ensure you receive the financial relief you deserve.
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