Many states are attempting to help their citizens even while inflation continues to have an impact on their daily lives and the likelihood of a recession growing.
In connection with tax revenue surpluses in 2021, a dozen states are presenting various forms of relief.
Virginia started offering one-time rebates of $250 for single taxpayers and $500 for couples on July 1.
Starting in October, up to 23 million Californians can anticipate receiving an inflation relief check. The “middle-class tax refund,” as Gov. Gavin Newsom called it, will give eligible families up to $1,050.
While the federal government issued three rounds of stimulus checks during the COVID-19 pandemic, and some argue that those checks helped the economy to get to the point it is now, it is unlikely Americans will receive federal aid by way of direct checks.
Also read: Why Michael Burry Sees Long-Term Inflation, Bigger Market Crash Ahead
Here is a list, provided by Forbes, of states where individuals can expect some relief.
Colorado
Residents of Colorado who filed their 2021 tax return by June 30 will receive a check in the mail in the month of September for $750 and joint filers will receive $1,500. Those who requested an extension and submitted their paperwork by the Oct. 17 deadline will be reimbursed by Jan. 31, 2023.
Delaware
A bill authorizing $300 stimulus checks for citizens who submitted their 2020 tax forms was approved by Gov. John Carney in April. If you filed jointly, you both get one of the payouts, which began to be distributed in May.
Georgia
A law allowing refunds to taxpayers who have submitted their state returns for both 2020 and 2021 was approved by Gov. Brian Kemp in March. Individual taxpayers are eligible for $250, heads of households are eligible for $375, and married couples filing jointly are eligible for $500.
Hawaii
Residents who made less than $100,000 in 2021 will receive a $300 tax credit this year, and dependents are also eligible. Couples earning above $200,000 and individuals making over $100,000 will each receive $100. Processing of payments might start in late August.
Idaho
A law granting each taxpayer and dependant $75 or 12% of their 2020 state income tax return, whichever is greater, was signed by Gov. Brad Little in February. Checks began to be issued in March.
Also read: Employment Secured: Americans Could Rotate Into These 12 Jobs During A Recession
Illinois
On July 1, Illinois’ projected $1.83 billion relief package — which includes income and property tax rebates as well as a temporary reduction in some sales taxes — went into effect.
Individuals with incomes under $200,000 in 2021 will be eligible for a $50 income tax credit, while married couples filing jointly and making less than $400,000 will be eligible for a $100 credit. Additionally, filers are permitted to make up to three dependents at a rate of $100 per dependent claimed on their 2021 taxes.
Indiana
The automatic taxpayer refund law in Indiana began paying out payments of $125 to all citizens in May, regardless of their income, but Gov. Eric Holcomb asked lawmakers to send taxpayers an additional $225.
Maine
An $850 direct relief payment is available to Maine residents who have submitted their 2021 state tax forms and have a federal adjusted gross income of under $100,000. Couples who file jointly will get a single $1,700 payout. Checks should come before the middle of July.
Minnesota
Applications are being accepted through July 22 for a one-time $750 payout to a select group of frontline employees in Minnesota.
New Jersey tax rebate
Nearly 1 million New Jersey households will receive a $500 tax relief after Gov. Phil Murphy gave his approval. He has also backed payments to taxpayers — including nonresident and resident aliens, as well as their families — who utilize a taxpayer identification number rather than a Social Security number.
New Mexico rebate checks
Taxpayers in the state received $250 refund checks in both May and June, for a total of $500. In July, another rebate is expected to be sent out, although it has certain restrictions.
New York property tax rebate
About 3 million New York homeowners received property tax refund checks in June, with each household receiving payment of at least $100.
Photo: iQoncept via Shutterstock
