High inflation, rising interest rates and labor shortages have many experts and economists concerned about a looming recession.
With all this uncertainty, what is clear is that American households are struggling and could use some extra support right now.
A recent poll done by Newsweek shows 63% of Americans support a new round of stimulus checks from the federal government to combat inflation.
However, lawmakers in Washington have given no indication they plan to pass a fourth round of stimulus checks. And some analysts argue it will only aggravate the issue.
“Handing out dollars in an inflationary environment will only make matters worse by driving prices up further,” wrote Beth Akers, a senior fellow at the American Enterprise Institute, in a September blog post.
But that doesn’t mean you’re completely out of luck. Your support may just come from a government a little bit more local.
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States step in
Many states have had historic surpluses over the past year thanks to inflation driving up prices of goods and high pandemic spending. Inflation-adjusted state government revenue increased 16.4% in the first quarter of 2022 compared to the year before, according to the Urban Institute.
“Giving direct aid, direct payments is far more useful than doing income tax cuts, or gas tax holidays,” says Lucy Dadayan, senior research associate at the Urban-Brookings Tax Policy Center.
Here’s a list of what states are offering. Make sure you don’t miss yours.
Alaska
People in Alaska are getting $650 to deal with rising energy prices in the Permanent Fund, which the state sends out every year.
In total, eligible Alaskans are getting $3,284 from the state. Checks starting going out in September.
California
At the end of June, Gov. Gavin Newsom took to Twitter to announce rebates.
Millions of Californians are getting a rebate check of up to $1,050 to help offset the high cost of gas and other goods, known as the middle class tax rebate.
Single people making under $75,000 will get $350 and married couples making under $150,000 will get $700, if a couple has a dependent, that means they get an extra $350, which would total $1050.
Colorado
Coloradans got $750 cash back this summer to help with the rising costs of 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 should get the check. But if you got an extension on your taxes, you should get your check by January 31, 2023.
Delaware
A relief rebate program was signed in Delaware in April. It’s a one-time payment of $300 per adult to help with the high cost of groceries and gas.
Checks should have been delivered by 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 one here.
Florida
Families in Florida are getting a one-time payment of $450 per child for those eligible.
That includes foster parents, caregivers and families that are receiving 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 get the funds. If you didn’t get yours, the government suggests giving the Florida Department of Children and Families a call.
Georgia
People in Georgia are eligible for a rebate on their 2020 and 2021 taxes, thanks for a revenue surplus. Bill 1302 was signed into law in March.
Married couples can get up to $500 back, if you file jointly. Single filers can get up to $250 while people who file as head of household can get a maxim of $375.
Hawaii
The state government in Hawaii passed a bill giving tax filers a rebate of $300 if they make below $100,000 and $100 for filers who earn above that threshold.
Direct deposits started going out in September and anyone who requested a paper check should have received that by the end of October.
Idaho
People in Idaho should expect an email notifying them of their rebate. Full time residents who filed taxes in 2020-2021 are eligible.
The government is using two ways 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 weekly, which can be expected through direct deposit of the mail. You can check the status of your rebate here.
And in September, Idaho lawmakers approved another rebate for those who’d filed their 2020 state tax returns. Individual filers can expect to get $300, while couples will receive $600. The government began processing those payments in September and will be sending them out in batches over the rest of the year and into 2023.
Illinois
In Illinois, direct rebate checks have been given to working families. Relief checks of $50 for individuals and $100 per dependent up to three children per family will be sent out at a cost of $685 million.
Indiana
The government in Indiana expects to give out more than 4 million $125 checks to residents thanks to a large state revenue, which grew 14%.
The Department of Revenue says money started arriving in bank accounts in May and continued until mid-summer. You’re eligible if you filed a resident tax return for 2020 and 2021.
In August, a second rebate of $200 a taxpayer was approved.
Maine
Residents in Maine got one of the highest relief payments in the country. Gov. Janet Mills signed the supplemental 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 have to have had a federal adjusted 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 checks for taxpayers, but ended up scrapping that plan. Instead, certain taxpayers will receive a refund for about 14% of their personal state income tax liability.
Distribution of those checks was slated to begin on Nov. 1.
Minnesota
The state of Minnesota passed legislation to give a one-time payment of $487.45 to its front-line workers. Payments have already been distributed to eligible residents of Minnesota.
New Jersey
Residents in New Jersey with at least one dependent child and a tax balance of $1 or more will got a rebate of up to $500 on their 2020 taxes, known as the Middle Class Rebate. Payments were issued as a check separate from tax returns.
The state has also introduced the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program to provide both groups with some extra stimulus. Homeowners earning more than $150,000 a year will receive $1,500, while high earners between $150,000 and $250,000 will receive $1,000.
Renters bringing home less than $150,000 could receive $450 if they meet the eligibility requirement.
To receive the payment, you’ll have to apply through the state’s tax division by Dec. 30.
New Mexico
The state of New Mexico is bringing out financial relief in the form of $750 stimulus to help with the rising cost of groceries and gas. Two laws were passed in the state providing a rebate and relief payment.
Depending on income, an eligible person will get two to three payments of $250. For families the payments will be $500.
Taxpayers should have received one of those payments either by direct deposit or check already. Another payment was to be made 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 help with inflation.
About 1.75 million New Yorkers should have received an average of $270 checks by 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 that live together.
Eligible households qualified for the Oregon Earned Income Tax Credit (EITC) on their 2020 tax filing and lived in Oregon for the second half of 2020.
Pennsylvania
In September, Gov. Tom Wolf signed new legislation into law, offering a one-time bonus rebate for vulnerable residents. Older adults and those with disabilities who received the maximum $650 standard rebate will receive another one-time $455 rebate.
And homeowners who received the standard $975 property tax rebate will receive another $682.50 more.
Rhode Island
Residents of Rhode Island are getting a one-time stimulus check expected to arrive this fall.
The stimulus is coming in the form of a child tax credit. Eligible households are getting $250 per child for a maximum of three children. Checks started going out in September, but if you haven’t received yours yet, you can check its status here.
South Carolina
Towards the end of the year, taxpayers in South Carolina will be getting refund checks of up to $800.
If you live in South Carolina, how much you’ll get depends on your tax liability. But to qualify for these checks, you’ll have to have filed your taxes for 2021.
Virginia
Gov. 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 eliminates the 1.5% state grocery tax.
Payments started going 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.
Source: https://finance.yahoo.com/news/63-americans-support-idea-stimulus-110000692.html