High inflation, rising interest rates and labor shortages have many experts and economists worried about an impending recession.
With all of this uncertainty, what is clear is that US households are struggling and could benefit from additional support at this time.
A recent poll by Newsweek shows that 63% of Americans support a new round of stimulus checks from the federal government to fight inflation.
However, lawmakers in Washington have given no indication that they plan to pass a fourth round of stimulus checks. And some analysts say this will only make the problem worse.
“Distributing dollars in an inflationary environment will only make things worse by pushing prices up even further,” wrote Beth Akers, senior fellow at the American Enterprise Institute, in a blog post in September.
But that doesn’t mean you’re absolutely unlucky. Your support may just come from a bit more local government.
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States intervene
Many states have recorded historic surpluses over the past year thanks to inflation that has driven up the prices of goods and high pandemic spending. According to the Urban Institute, inflation-adjusted state government revenues increased 16.4% in the first quarter of 2022 from a year earlier.
“Giving direct assistance, direct payments are far more helpful than doing income tax cuts or gas tax exemptions,” says Lucy Dadayan, senior research associate at the Urban-Brookings Tax Policy Center.
Here is a list of what the states offer. Make sure you don’t miss yours.
Alaska
Alaskans receive $650 to help with rising energy prices in the Permanent Fund, which the state sends each year.
In total, eligible Alaskans receive $3,284 from the state. Checks start going out in September.
California
In late June, Governor Gavin Newsom took to Twitter to advertise discounts.
Millions of Californians are receiving a refund check of up to $1,050 to help offset the high cost of gasoline and other goods, known as the middle-class tax refund.
Singles earning less than $75,000 will receive $350 and married couples earning less than $150,000 will receive $700, if a couple has a dependent, that means they receive an additional $350, which would total $1,050 .
Colorado
The Coloradans got $750 cash back this summer to help with rising costs for gas, groceries and other items.
The checks were delivered by mail in August and September to anyone who filed their tax returns by the end of May 2022. About 3 million people are expected to receive the check. But if you got a tax extension, you should get your check before January 31, 2023.
Delaware
A relief rebate program was signed in Delaware in April. This is a one-time payment of $300 per adult to help with the high cost of groceries and gas.
The checks should have been delivered at the end of May to people who filed their 2020 and 2021 taxes. If you waited to file your taxes or missed your payment, you now have until the end of November to claim your check online.
You can check the status of your rebate or apply for it here.
Florida
Florida families receive a one-time payment of $450 per child for eligible individuals.
This includes foster parents, caregivers, and families who receive money from the Florida Temporary Assistance for Needy Families program.
Florida First Lady Casey DeSantis made the announcement in July. Nearly 60,000 families are expected to receive the funds. If you haven’t received yours, the government suggests calling the Florida Department of Children and Families.
Georgia
Georgians are entitled to a rebate on their 2020 and 2021 taxes, thanks to excess income. Bill 1302 was signed into law in March.
Married couples can recover up to $500 if you file jointly. Single filers can get up to $250 while people filing as head of household can get a maximum of $375.
Hawaii
The Hawaii state government has passed a bill giving filers a $300 refund if they earn less than $100,000 and $100 for filers who earn above that threshold.
Direct deposits began to be made in September and anyone who requested a paper check should have received it by the end of October.
Idaho
Idaho residents should expect to receive an email notifying them of their refund. Full-time residents who filed taxes in 2020-21 are eligible.
The government uses two methods to calculate the amount, $75 or 12% of your 2020 Idaho state taxes, whichever is greater.
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The tax commission says it will issue about 25,000 payments per week, which can be expected by direct mail deposit. You can check the status of your refund here.
And in September, Idaho lawmakers approved another refund for those who had filed their 2020 state income tax returns. Single filers can expect to receive $300, while couples will receive $600. . The government started processing these payments in September and will send them in batches through the rest of the year and into 2023.
Illinois
In Illinois, direct remittance checks were given to working families. Relief checks of $50 for individuals and $100 per dependent up to three children per family will be sent at a cost of $685 million.
Indiana
The Indiana government plans to distribute more than 4 million $125 checks to residents thanks to strong state revenue, which has grown 14%.
The Department of Revenue says money started flowing into bank accounts in May and continued until mid-summer. You are eligible if you have filed a resident tax return for 2020 and 2021.
In August, a second rebate of $200 per taxpayer was approved.
Maine
Maine residents received one of the highest relief payments in the country. Governor Janet Mills signed the supplementary budget into law in April to send residents a one-time payment of $850 for inflation relief.
The money comes from the state’s surplus of $729.3 million.
To be eligible for the payment, residents must have filed a tax return by the end of October.
Single filers will need to have an adjusted federal gross income of less than $100,000, $150,000 if filing as head of household or $200,000 for couples filing jointly.
Massachusetts
The Massachusetts Senate had approved a $250 stimulus check for taxpayers, but ended up scrapping that plan. Instead, some taxpayers will receive a refund of approximately 14% of their personal income tax.
The distribution of these checks was to begin on November 1.
Minnesota
The state of Minnesota passed a law giving a one-time payment of $487.45 to its frontline workers. The payments have already been distributed to eligible Minnesota residents.
New Jersey
New Jersey residents with at least one dependent child and a tax balance of $1 or more will receive a refund of up to $500 on their 2020 taxes, known as the middle class refund. Payments were issued as a separate check from the tax returns.
The state also introduced the New Jersey Affordable Communities for Homeowners and Renters (ANCHOR) program to provide both groups with additional stimulus. Owners earning more than $150,000 a year will receive $1,500, while high earners between $150,000 and $250,000 will receive $1,000.
Tenants reporting less than $150,000 could receive $450 if they met the eligibility criteria.
To receive payment, you will need to apply to the state’s tax division by December 30.
New Mexico
The state of New Mexico is providing financial assistance in the form of a $750 stimulus package to help with the rising cost of groceries and gasoline. Two laws have been passed in the state providing for a rebate and a relief payment.
Depending on their income, an eligible person will receive two to three installments of $250. For families, payments will be $500.
Taxpayers should have already received one of these payments by direct deposit or cheque. Another payment was due later this summer. You can check the status of your return here.
New York
In September, New York Governor Kathy Hochul announced a $475 million plan to provide low-income New Yorkers with relief checks to fight inflation.
About 1.75 million New Yorkers should have received an average of $270 checks at the end of October.
Oregon
The Oregon Department of Revenue has issued one-time payments of $600 to eligible households, meaning a single person, couple or family who live together.
Eligible households qualified for the Oregon Earned Income Tax Credit (EITC) on their 2020 tax return and lived in Oregon during the second half of 2020.
Pennsylvania
In September, Governor Tom Wolf signed into law new legislation, offering a one-time discount to vulnerable residents. Seniors and people with disabilities who received the maximum standard discount of $650 will receive another one-time discount of $455.
And homeowners who received the standard property tax rebate of $975 will receive an additional $682.50.
Rhode Island
Rhode Island residents are receiving a one-time stimulus check that is expected to arrive this fall.
The stimulus comes in the form of a child tax credit. Eligible households receive $250 per child for up to three children. Checks started sending out in September, but if you haven’t received yours yet, you can check its status here.
Caroline from the south
Towards the end of the year, taxpayers in South Carolina will receive refund checks of up to $800.
If you live in South Carolina, the amount you will receive depends on your tax liability. But to qualify for these checks, you will need to have filed your taxes for 2021.
Virginia
Governor Glen Youngkinn signed the budget in June that will see income tax refunds of up to $250 for individuals and $500 for married couples and eliminate the 1.5% state tax on l ‘grocery.
Payments started coming out in September.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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