One-Time Tax Credit for Taxpayers

If passed, this bill will change the part of the Code of Georgia about the taxes people have to pay on the money they make in a year.

• Code of Georgia: These are the rules or laws for the state of Georgia that say what people in Georgia can and cannot do.

It offers a tax credit one time for people who turned in their taxes for the 2023 and 2024 tax years.

• Tax credit: Like a coupon to take money off of the amount of money you have to pay in taxes

The bill:

• Defines who can get the tax credit, called ‘qualified taxpayers’.

  • A 'qualified taxpayer' is someone who filed their income tax returns for 2023 and 2024 on time, including any extensions.

• Sets a start date.

• Cancels out any conflicting laws.

People who can’t get the tax credit:

• People who were not born in the US, are not citizens of the US, and do not have a green card.

  • Green card: a special card that says you can live and work in the US without being a citizen.

• People who were listed on someone else’s taxes as being cared for by them in 2023.

  • These people who are listed on a caregivers taxes are called “dependents.”

• Estates or trusts.

  • Estate: everything a person owns, like their money, house, and belongings. When they pass away, their estate is given to others based on their wishes or the law.

  • Trusts: A trust is a special way to set aside money or property for someone. A person in charge (a trustee) manages it and gives it out when needed, following the rules set by the person who created the trust.

• People who were excluded because they were dependents can still qualify if they had earned income in 2023.

The amount of money in the one time credit will be based on:

• The smaller amount of what they owed in taxes on the money they made in 2023. This is on forms called “500” or “500EZ.”

• An amount based on how people marked themselves on their taxes in 2023:

  • $250 for single people or married people filing separately.

  • $375 for people who manage their families or house.

  • $500 for married people filing together.

People who don’t live in Georgia for the whole year will have the amounts of the money they get back changed based on the money they made that can be taxed in Georgia.

No one will get money back that's a bigger amount than the amount in taxes they owe.

These refunds and credits won’t have money taken out of them, or counted in the amount of money people make at the end of the year.

Money that people get back will be sent to them either electronically or by check, depending on how the person wants to get the money.

People that still owe money on their taxes from past years will have any money they get back from this program put towards the money they owe right away.

When people put money in a bank, a little bit of money is added to the account based on how much money is in the account. This added money is called interest. Money people get back or that they get in a credit from this change won’t earn any interest.

The commissioner can set up rules to make sure this code section works.

• Commissioner: A leader in charge of a specific area of government or business. They make decisions and make sure rules are followed.

If this bill is passed, these changes start when the Governor gives it a thumbs up or it becomes law without needing that thumbs up.