Sending the one-time tax rebate from Alabama is estimated to cost the state about $966.8 million. If approved, both budgets will be the largest ever for the state, in nominal terms. Ivey proposed around $8.8 billion for the Education Trust Fund budget and around $2.9 billion for the General Fund budget. The budget that funds education has a rare surplus of $2.8 billion, while the state’s general fund has a surplus of $351 million. Is Sending A Rebate The Best Use Of Money?Īlabama has two budgets – the general fund and the education trust fund. This rebate, however, will go to those who filed state income tax returns and meet the income threshold.Īs per the Alabama Department of Revenue, part-year single residents are required to file a return if their annual income is more than $4,000, while Alabama residents and joint-filing Alabama residents are required to file a return if their annual income is more than $10,500. Ivey’s proposed one-time tax rebate is around double the amount that many lawmakers discussed initially. “From returning our taxpayers’ hard-earned dollars back to them to making historic investments in our students’ education, these budgets will help foster a strong Alabama today and a stronger Alabama tomorrow,” Gov. Among other things, the proposed plan includes a one-time tax rebate from Alabama, as well as a 2% pay raise for teachers and state employees. Ivey submitted the proposed spending plans for the fiscal year that starts October 1. One-Time Tax Rebate From Alabama: Who Would Get It? Ivey also proposed a 2% pay raise for teachers and state employees. Along with the one-time tax rebate from Alabama, Gov. Kay Ivey, on Tuesday, proposed a one-time tax rebate from Alabama that would give $400 to individuals and $800 to married couples. Alabama residents could soon get a tax rebate of up to $800 soon.
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