Georgia's revised 2023 budget returns dollars to taxpayers. Here's what you need to know.
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Many Georgians could soon receive a tax refund - even those who have yet to file their 2022 returns.
The Georgia Senate is considering an amended 2022-2023 budget that calls for a homestead exemption for property owners. The legislation passed the Georgia House on Feb. 2. Once the $32.6 billion budget passes that chamber, Georgia Gov. Brian Kemp can sign it into law.
Read it: Georgia FY 2023 amended budget proposal:
State tax collections have exceeded projections since July 2022, pushing the state’s surplus to a record $6.6 billion. The amended budget adds nearly $2.4 billion in spending from the fiscal plan passed last spring.
The property tax exemptions would result in a $500 payout for property owners, on average. The refunds are a one-time payout and are not likely to be included again in the 2023-2024 budget, which is currently being drafted by the Georgia House.
Here’s what else is in the amended budget:
Transportation infrastructure funding: $1.1 billion
Gov. Kemp suspended Georgia’s gasoline tax for much of 2022 as oil prices skyrocketing following Russia’s invasion of Ukraine in February. The United States and several other countries responded to Russia’s aggression by boycotting that nation’s oil exports, which disrupted supply and pushed prices above $4 a gallon for an extended period.
The gas tax is a major revenue source for Georgia transportation funding, and the tax’s suspension resulted in a $1.1 billion shortfall. The amended budget backfills that gap.
Education: $139 million
The budget passed last April fully funded Georgia’s K-12 education system under the quality basic education, or QBE, formula. The amended budget keeps those dollars in place and adds $60,000 school safety grants.
Elections: $4 million
The House allocated funds to replace equipment related to voting devices, specifically battery backups for the machines, which have been in place for three years.
State employee retirees: $14 million
Citing the impact of inflation on retirees, the amended budget calls for one-time bonuses of $250 to $300 for state government pensioners.
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Workforce Housing: $37.5 million
With rents and home prices reaching record levels across the state, the amended budget takes funds from a rural community economic development program, the OneGeorgia Authority and reallocates it to establish the Rural Workforce Housing Fund. The program’s aim is to boost housing stock near recently announced economic development project, such as the Hyundai EV manufacturing facility under construction near Savannah.
Workforce development: $56 million
Speaking of Hyundai, housing isn’t the only issue related to the plant the amended budget will look to address. The plan calls for expansion of the Quick Start training center program that provides customized training for new, large-scale employers. Savannah is already home to a Quick Start center and another is planned next door to the Hyundai plant in Bryan County.
Quick Start will also ramp up its programs to support the planned Rivian EV factory in Newton County outside of Atlanta.
Regional business assistance grants: $167 million
These incentives are also aimed at areas near Hyundai and the other economic development projects and would help small businesses meant to support the large employers.
Domestic violence shelters: $2.4 million
The Georgia House added these funds to the budget to upgrade security at these shelters, which predominantly serve battered women and their children.
This article originally appeared on Savannah Morning News: Georgia General Assembly: Here is the revised 2023 budget
