Economy

These States Will Send Additional Stimulus Checks to Residents This Year

In response to rising inflation, several states have approved sending, or have already issued additional stimulus checks to their residents. Most of the states are issuing these additional stimulus checks in the form of tax rebates or child tax credits, while some states are offering tax holidays. Moreover, these stimulus checks are generally not for all residents, but rather are targeted at low-income groups.

These States Will Send Additional Stimulus Checks

California, in late June, approved a new tax rebate plan that would offer inflation relief checks to the middle class. The relief checks of up to $1,050 will be sent to qualifying individuals sometime between late October 2022 and mid-January 2023.

Colorado lawmakers, in May, signed a Cash Back Bill that offers a tax rebate of $750 to individual tax filers and $1,500 to joint filers. Eligible filers who have filed their state income tax return by June 30 can expect to get the rebate money by September 30. Those who file their return by the extended deadline in October 2022 can expect the payment by Jan. 31, 2023.

Hawaii Gov. David Ige, in June, approved a program to refund $100 or $300 to residents depending on their income, tax filing status and a number of exemptions. As per the State of Hawaii’s Department of Taxation website, it will start issuing the additional stimulus checks in late August.

Illinois will be sending income tax rebate checks of $50 to individual filers with income under $200,000 in 2021, and $100 to married couples with a combined income below $400,000. Also, filers will get $100 per dependent (with a limit of three child credits per household). The state will start issuing the checks next month.

In June, South Carolina Gov. Henry McMaster signed a new bill that offers up to $800 in income tax rebates to eligible residents. Eligible tax filers are expected to get the money in November and December 2022.

Virginia’s one-time tax rebate program offers up to $500 in tax rebates to filers who had a tax liability last year. Those who have filed their 2021 tax returns by July 1 can expect the rebate in late October.

These States Haven’t Yet Approved A Payment Plan

Massachusetts recently failed to approve additional stimulus checks of $250 for qualifying residents. The state, however, is still expected to approve the plan later this year because of a 1986 Massachusetts law, which allows the state government to return excess tax revenue to taxpayers. The state auditor will decide by September 20 whether or not the state can issue the tax credits to eligible residents.

New Jersey Gov. Phil Murphy, in June, announced a plan to send rebates of up to $1,500 to eligible families paying property taxes. This proposal, however, hasn’t yet been approved by lawmakers. For more information on the plan, visit New Jersey’s Division of Taxation website.

This article originally appeared on ValueWalk

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