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Following the largest cost-of-living adjustment (COLA) in more than 40 years, millions of Americans will soon receive higher Social Security payments.
Many states are continuing to respond to increasing inflation with tax rebates and stimulus payments.
Illinois intends to begin issuing refund checks worth up to $400 in mid-September while California will begin issuing middle-class tax refunds for up to $1,050 in October. Colorado Gov. Jared Polis signed legislation this week to expedite the distribution of refunds that were previously scheduled for 2023 so they may reach taxpayers as early as this week.
Coloradans To Receive Up to $1,500 Stimulus Check
Individuals earning $250,000 or more, as well as couples earning a combined $500,000, are ineligible for the payouts. Thanks to the 1992 Taxpayer's Bill of Rights (TABOR) Amendment, state residents who submitted their 2021 return by June 30 will get a payment of $750 by September 30 while joint filers will receive $1,500.
Gov. Jared Polis approved legislation in May to expedite refunds to taxpayers, with many anticipating them in the second week of August. "I'm thrilled to announce the cheques are in the mail!" Democratic Congressman Jared Polis told KKTV on August 8. Filers who requested an extension and submitted their returns by the Oct. 17 deadline will receive their refund by Jan. 31, 2023, CNET reported.
With the federal government's plan for extra stimulus checks dwindling, more states are stepping in with a variety of initiatives. Payments for inflation relief have begun to be made as early as May 2021.
Twenty States Still Send Relief Payments
Approximately 20 states are in various phases of distributing inflation relief payments to people while others have already approved the measure and are distributing stimulus checks. States have done a considerably better job than the federal government in giving out more monies to Americans in 2022, and more states are poised to step in to support their inhabitants.
Maine and New Mexico were among the first states to begin issuing stimulus payments, albeit the states took a very different strategy to assist citizens during periods of high inflation. Maine will distribute an $850 stimulus payout to qualified taxpayers who complete their forms by May 20, 2022. People who submit later will get payments on a rolling basis throughout the year while the deadline for filing this year is October.
Individuals with an adjusted gross income of $100,000 or less will be eligible, while joint filers earning $200,000 or less would receive a $1,700 stimulus payment. Household heads who earn less than $150,000 will receive the same amount. The state legislature passed the New Mexico stimulus check, with residents receiving the complete amount in three payments between June and August 2022. Residents earning less than $75,000 received a $250 stimulus payment in July 2022, while joint filers earning $150,000 received twice as much.
Furthermore, all people who have submitted their 2021 income tax returns will get $500 for single filers and twice that for joint filers, surviving spouses, and heads of households. The payments have been divided into equal installments due in June and August of 2022.
Georgia is providing reimbursements to those who have submitted their income tax returns for both 2020 and 2021. Single filers earned $250, married couples filing jointly received twice that amount, and household heads received $375. California and Florida are among the most recent states to declare stimulus funds on their own, even though the magnitude and breadth of the payouts varied greatly between the two states with opposing political ideologies.
While Republican Florida will provide stimulus checks to barely 60,000 citizens, California will distribute checks to 23 million inhabitants, or over 60% of the population. California Governor Ron DeSantis' decision surprised many because he has been a vocal opponent of the stimulus checks. He had called the third stimulus check a mistake and intended to use it as a campaign platform in the 2024 presidential race. Instead, he has used cash from the American Rescue Plan Act, which was handed to states by the Democratic administration.
California will use its large $97 billion budget surplus to distribute stimulus checks of up to $1,050 to households with a combined income of $150,000 or less. Even families earning $250,000 jointly will be eligible for a stimulus payment, albeit the amount will be reduced to $200 per filer plus an additional $200 for up to one dependant, according to Digital Market.
Delaware is one of the first states to implement inflation-relief measures, and it will give out $300 in rebates. Georgia is another state that began anti-inflationary measures in early 2022. It will send a $250 stimulus payout to individuals, a $250 check to joint filers, and a $375 check to household heads.
Hawaii was also one of the first states to proclaim stimulus checks for its inhabitants, with $300 sent to those earning $100,000 or less. People earning more than that level will get a $100 stimulus check. Idaho residents will begin receiving $75 inflation stimulus payments or 12% of the amount they paid in state taxes in 2020, whichever is larger. New Jersey has started mailing out $500 tax refund checks. The amount of rebate allowed is restricted to the amount of tax paid after credits and is capped at $500.
Related Article: Stimulus Check 2022: These States Send Up to $1,500 Payment for Eligible Americans This August!
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