TAX NEWS - DECEMber 2009

Georgia Income Tax: Georgia Department of Revenue Individual Income Tax Interest on Individual Income Tax Refunds

Are you wondering if you are due interest on your refund? According to Georgia law (O.C.G.A. §48-7-112, §48-7-121, and §48-2-35), interest is not paid until 90 days after the later of the filing date of the final return showing the overpayment or the due date of the final return.

Individual income taxpayers who filed a timely, completed return on or before the due date of April 15 will receive interest if their refunds are not issued until after the 90 day period. Amounts refunded after this period shall bear interest at the rate of 1% per month.

The Department is updating its system and applicable individual refund interest checks will be mailed within approximately 60 days.

For taxpayers who meet the above criteria, a separate check for interest will be mailed. In the future, the Department's systems will be modified so that a single check is issued that includes both the tax refund and any applicable interest due.

Please allow the additional 60 days before inquiring about interest. If you need additional information contact the Taxpayer Services Division at 404-417-4480 or taxpayer.services@dor.ga.gov.