Economy

Indiana Stimulus Checks Of Up To $650 Coming This Week

Millions of Indiana taxpayers are set to get stimulus money this week. These Indiana stimulus checks are actually tax rebates, and eligible households could get as much as $650. The shortage of paper initially delayed sending these stimulus checks to eligible residents.

Indiana Stimulus Checks: Sending Two Payments In One Check

Governor Eric Holcomb, earlier this month, approved a proposal that calls for sending $200 in rebate payments to eligible taxpayers. This new $200 rebate comes just months after the state lawmakers approved sending $125 in a rebate payment to eligible taxpayers. These Indiana stimulus checks aim to provide relief to residents from the recent rising prices.

Although the state started sending the $125 rebate soon after it was approved, for some the payment got delayed due to the paper shortage. Since this rebate payment was to be sent in the form of physical checks, the shortage of paper delayed the payment for some taxpayers.

Now, taxpayers who haven’t received the first rebate payment of $125 ($250 for married couples filing jointly) will get the two rebate payments together. This means the new rebate of $200 and the earlier payment of $125, i.e. $325 ($650 for married couples filing jointly).

State officials have confirmed that the new rebate payment will start going out as early as the week of August 15. Moreover, state officials also said that these Indiana stimulus checks will include the earlier rebate payment for those who haven’t yet received it. This means one check will be written for the two payments.

By sending the two payments in one check, the state expects to save more than $1 million on printing, postage and processing charges.

When To Expect The Money

Officials estimate that about 50,000 checks will be printed daily, and a total of 1.7 million checks will need to be printed. Once a check has been sent out, it usually takes about 24 to 48 hours to arrive in the mail.

Officials expect to print and mail all Indiana stimulus checks by October. Thus, the officials are requesting residents to wait until November 1 before contacting the state for any questions about their rebate checks.

To be eligible for the Indiana stimulus checks, residents must file their 2022 tax return. Moreover, those who weren’t eligible for the first payment may qualify for the new $200 rebate payment if any dependent hasn’t claimed their Social Security benefits.

The second rebate payment of $200 is part of a relief bill (Senate Bill 2) that Gov. Holcomb signed earlier this month. Lawmakers have sanctioned $1 billion to send the $200 tax rebate to eligible residents.

State officials estimate that the $200 rebate will benefit about 4 million taxpayers. Those who didn’t file a tax return will be able to claim the $200 rebate as a future tax credit.

This article originally appeared on ValueWalk

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