How to avoid federal fines for using state income tax credit
The federal government is expected to pay $25 million to the families of Georgia CPA’s killed in a car accident.
Georgia’s Office of the Comptroller of the Currency issued the notice Wednesday, which will also pay $1 million to all the families whose income was used to obtain a credit for their state income taxes.
It’s not clear how many people will receive the payout.
The agency has not set a deadline for the payment.
The CPA was killed last year when his SUV collided with another car in a snowstorm.
His mother, Jennifer Rios, died in the crash.
Georgia had originally planned to issue the payment, which is contingent on payment of the $1,000 in compensation.
But it is unclear if the payment will be made.
The office said that, under the current law, “it is not possible to recover the full amount due from the state.”
A spokeswoman for the Georgia Bureau of Investigation told The Hill on Thursday that the bureau would not be providing any information about the payout because of federal privacy laws.
The agency’s notice to families also says that if the payout is not made by Oct. 1, the bureau will withhold $5 million from the CPA Trust Fund, which funds the CPOs’ retirement accounts.