Great news for Alabama residents. A one-time income tax rebate is on the horizon, a delightful surprise for taxpayers in the state. Act No. 2023-377 / Act No. 2023-511 spells it out: individuals will receive a cool $150, while those filing jointly can expect a generous $300. The cherry on top? This rebate won't be muddied by taxes, a nice perk for those pocketing it.
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Championed by Sen. Arthur Orr, R-Decatur, and Rep. Danny Garrett, R-Trussville, this bill found favor with Governor Kay Ivey, who signed it into law on June 1, following final approval on May 25. Starting November 30, 2023, taxpayers who filed a 2021 Alabama tax return before the October 17, 2022 deadline will see these rebates electronically zipping to their bank accounts or landing at their doorsteps via the trusty check.
The price tag on this grand gesture? A hefty $393 million, sourced from the 2023 fiscal year's supplemental appropriation, tapping into the abundant $2.8 billion surplus residing in the state's Education Trust Fund. The rationale behind this one-off payback is to "partially offset the amount of sales tax paid on groceries" throughout 2021.
Initially, Governor Kay Ivey had her sights set on rebates of $400 for individuals and a generous $800 for those filing jointly, all thanks to the surplus in the state's education budget. However, the proposed amounts underwent a couple of alterations before the Senate and House found common ground on the final figures.
Taxpayers react positively
Reactions from taxpayers have been nothing short of elation. One taxpayer happily shared, "It's nice to know that our lawmakers are looking out for us and trying to give us a break during these tough times." Another expressed gratitude, stating, "I am grateful for this rebate, especially since it is not taxable income. It will definitely help me with my expenses."
All in all, this rebate is a welcomed lifeline for Alabama taxpayers weathering the storm of the ongoing pandemic. It stands as a testament to the state's dedication to its citizens during these trying times. As one taxpayer aptly summarized, "It's good to know that our state cares about us and is doing everything it can to help us through these difficult times." Alabama residents can indeed look forward to a brighter financial horizon.
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