As concerns about rising inflation and a possible recession continue to plague many people in the US, some states are issuing tax refunds and taxpayer relief checks to ease residents’ stress. It comes after the federal government issued three rounds of stimulus checks amid the pandemic and other states are considering introducing a statewide child tax credit and a gas tax holiday to slash gas prices at the pump.
New Mexico is one state that will conduct a second stimulus check next week. Single taxpayers with income of $75,000 or less on their 2021 tax return are eligible for a $250 exemption, while married couples who file jointly and less than $150,000 together are eligible for a $500 exemption payment. According to the New Mexico Taxation and Revenue Department, taxpayers who choose to pay directly will see the funds next week, while others should receive them in the coming weeks. A first round of stimulus payments arrived for New Mexicans in June, and another is due to be delivered in August.
Continuing the list of states sending tax exemption payments to residents this year. To learn more about the economics, here are the most common credit card mistakes you never want to make, what you need to know about student loan payment pauses, and what you need to know about today’s gas prices.
$1,000. California Inflation Relief Check
Gavin Newsom and state legislators give millions of Californians up to $1,050 in inflation relief checks. The payments, coming from California’s $97 billion budget surplus, will come in the form of direct deposits or debit cards through 2023, the Sacramento Bee reports.
How much residents receive depends on their income, tax status and household size.
- Single taxpayers making less than $75,000 a year and couples applying together and making less than $150,000 a year will get $350 per taxpayer and an additional $350 if they are dependents to have. Therefore, a married couple with children can earn up to $1,050.
- Single claimants earning between $75,000 and $125,000 per year — and couples earning between $150,000 and $250,000 — get $250 per taxpayer, plus an additional $250 if they have a dependent. . So, a family with children can get a total of $750.
- Single applicants earning between $125,000 and $250,000 and couples earning between $250,000 and $500,000 annually will each receive $200. A family with children in this category can receive a maximum of $600.
Single taxpayers making $250,000 or more and couples making $500,000 combined are not eligible for the payment.
Colorado Cash Back Refund Check
State residents who filed their 2021 tax returns by June 30 will receive a check for $750 through September, while those who file jointly will receive $1,500. Applicants who received renewals and files by the October 17 deadline will receive their refund by January 31, 2023.
Delaware discount payment
Gov. John Carney signed legislation into law in April authorizing a $300 stimulus check for residents who filed their 2020 tax returns. If you submitted jointly, each person will receive a payment that goes out in May.
Payment of tax refund in Georgia
Gov. Brian Kemp signed a bill into law in March granting tax exemptions to taxpayers who filed their state tax returns for 2020 and 2021. Single taxpayers can receive $250, heads of household $375, and married couples together a net gain of $500.
Underage residents or those paying income tax, child support, or other payments may receive a small exemption. Visit the Georgia Department of Revenue website for more information.
Air Tax Exemption Check
Residents who earn less than $100,000 in 2021 will receive a $300 tax exemption that year, with dependents also eligible for the exemption. Individuals earning over $100,000 and couples earning over $200,000 will receive $100.
According to the state tax office, the payment process can begin by the end of August.
idaho tax exemption
Gov. Brad Little signed legislation in February granting each taxpayer and dependent $75 or 12% on their 2020 state income tax return, whichever is greater.
The checks were issued in March, but you can check your exemption status online.
Indiana tax refund
Beginning in May, Indiana’s automatic tax refund law resulted in the $125 payment being made available to all residents regardless of income, but Gov. Eric Holcomb is asking lawmakers to send an additional $225 to taxpayers.
“From the gas pump to grocery shopping, Hoosiers are really in need during this time of high inflation, and all should benefit from the state’s success,” the Indianapolis Star said in a statement in June.
Main Discharge Test
Eligible are Maine taxpayers with a federally adjusted gross income of less than $100,000 who have filed their 2021 state income tax returns $850 for direct relief payments. Couples who apply together will receive a one-time payment of $1,700.
Checks are expected to arrive before mid-July.
Pay for frontline workers in Minnesota
Some frontline employees will receive a one-time payment of $750, and applications will be accepted through July 22nd.
Gov. Tim Walz has also called for a special session of the Legislature to pass a proposed $1,000 income tax exemption for individuals earning less than $165,000 and a proposed $2,000 income tax exemption for couples earning less than $275,000.
New Jersey tax exemption
Phil Murphy has already signed a $500 tax exemption for nearly one million New Jersey residents. They also supported payments to taxpayers who use tax identification numbers instead of social security numbers, which would include non-resident and resident aliens and their families.
In June, Murphy announced plans to provide more than $2 billion in rebates to nearly 2 million New Jersey families. The plan would offer families who pay property taxes up to $1,500, but would also benefit renters.
new mexico discount check
The state automatically issues a $250 exemption check in July for single applicants who file up to $75,000 and $500 for married couples with incomes of up to $150,000 on their tax returns in the year earn in 2021.
Many residents had already received the first payment in June, with the last stimulus checks arriving in August.
New York property tax exemption
In June, nearly 3 million New York homeowners received a property tax exemption with checks for $100 or more per household.
According to the New York State Department of Taxation and Finance, a check will be automatically mailed to those who qualify in early July.
Virginia tax exemption
Virginians will receive a one-time check for $250, and the couple will receive a combined $500.
Could there be another federal stimulus check?
Anything’s possible, but analysts say don’t count on it — especially since another cash investment could fuel inflation further.
“Overall, there’s no great solution to the inflation problem,” Michael Hayes, a professor of public policy at Rutgers University, told The Hill. “Another round of stimulus checks, even if targeted at the lowest income bracket, will only provide short-term relief if there is a risk of medium/long-term problems.”