Alabama residents might be able to expect some extra pocket change sometime next year, if approved by the state’s legislation.
The state’s government collected over $13 billion in the 2022 fiscal year, giving the state a surplus of $2 billion more than the budgeted amount. Due to this extra cash, state lawmakers are now trying to figure out how best to put it to use, with some arguing that a return to the taxpayers would be the best use of it, according to WTVY.
“As the budget chair, it’d be my recommendation that we spend a goodly portion rebating the money or sending the money back to Alabama taxpayers because they’re the ones that gave it to us in the first place,” said Sen. Arthur Orr (R-AL).
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Orr predicts that the rebates people can expect from this refund will be somewhere between $150 and $200 for individual taxpayers, while married joint filers can expect a refund that would be double that.
The issue will be discussed during Alabama’s 2023 legislative session, which will be when taxpayers can expect to receive their check.
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Justin Bogie, senior director of fiscal policy for the Alabama Policy Institute, stated that the state is seeing more money taxed from people “than ever before,” and many states, when in the same situation, have taken the opportunity to return their extra cash to residents. While the leaders of the state have not had any “meaningful ideas for tax reform” in the state, Bogie said that it seems the leaders have settled on giving the rebate to state residents.
