Alabama residents may be in for some extra cash soon thanks to a tax rebate that is awaiting approval from the governor.
The state’s House and Senate both passed a bill on Thursday for tax rebates that will give taxpayers a rebate of $150 for single filers and $300 for couples filing jointly. Gov. Kay Ivey (R-AL) simply has to sign it into law for taxpayers to receive these rebates, according to AL.
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To be eligible for this payment, taxpayers must have filed a state income tax return for 2021 on or before Oct. 17, 2022. The rebates will begin being issued by the Alabama Department of Revenue on Nov. 30.
The funding for this rebate, which will cost $393 million, will be made possible by a $2.8 billion surplus in the Education Trust Fund.
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Recipients of this rebate will receive it as a direct deposit into the same bank account they included on their state income tax return last year. If the Alabama Department of Revenue does not have bank account information for a taxpayer, a paper check will be mailed instead of a direct deposit
Several other states are issuing rebates to their residents. Georgia is in the process of issuing rebates worth up to $500, and New Mexico will issue rebates of up to $1,000 next month.
