Everyone knows by now that the United States is experiencing inflation. Everything is getting more expensive from housing costs to energy, groceries, gas, and other costs. As a result of all of these costs, state governments are taking matters into their own hands to bring much-needed assistance to their citizens. There are significant support opportunities in the works, regardless of whether states have already started the process of supporting their citizens or have proposals intending to provide relief.
Which States Have Approved More Stimulus?
It’s crucial to understand the difference between states with proposals and those with passed legislation. A proposal is a plan–it doesn’t necessarily mean that it will be implemented. The plan needs to be approved. Alternatively, legislation that has already been approved may be implemented. The following states have passed legislation to give their citizens a stimulus:
Colorado residents may be eligible to receive rebate checks of $400 or $800. The $400 checks are available to individual taxpayers, while the $800 payouts are available to joint taxpayers. However, if the state revenue exceeds expectations, the rewards might be substantially higher. Residents must have paid their taxes or requested the PTC rebate before June 30, 2022, to be eligible for this opportunity. If they have, they should expect to receive the funds in August or September of 2022.
Through the 2022 Delaware Relief Rebate Program, Delaware can assist its citizens. Residents who meet the requirements will get a direct payment of $300 through this relief rebate program. Some citizens received their $300 earlier in May 2022 because they submitted their 2020 Delaware resident personal income tax filings before the deadline. Nevertheless, residents who properly submitted their 2021 tax returns on time and residents who were 18 years of age or older identified using data from other Delaware agencies may be able to receive payments throughout the summer. That’s not all–if they did all that was mentioned before, eligible Delaware citizens do not need to do anything else to receive their payments.
There may be further stimulus funding available for Georgia residents. Residents who submitted tax returns for 2020 and 2021 may be eligible for rebates, depending on their tax filing status. Residents may receive up to one of the following maximum amounts:
- A single filer may receive $250.
- Married couples who file separately are eligible for $250.
- The maximum for household heads is $375.
- Married couples who file jointly are eligible for $500.
People who are partial residents or who owe the state additional payments could get a reduced rebate. Georgia anticipates distributing all of this stimulus to taxpayers who filed their taxes by April 18, 2022, by the end of August 2022.
Hawaii residents who fulfill specific income requirements may be eligible for a tax refund of up to $300. The amount of the refund depends on their income level:
- Residents who earn less than $100,000 annually are eligible for $300.
- Residents who earn more than $100,000 annually are eligible for $100.
Although the exact start date of these payments has not yet been determined, the Department of Taxation estimates that payments will begin during the final week of August.
In addition to these stimulus payments, Hawaii is assisting its citizens by raising its minimum wage. The minimum wage will rise to $12 on October 1st, 2022. However, it will increase even more in the years to come:
- $14 on January 1st, 2024.
- $16 on January 1st, 2026.
- $18 on January 1st, 2028.
Idaho is another state offering additional stimulus funding to eligible residents. Citizens must have filed an Idaho individual income tax return (or Form 24) for the years 2020 and 2021 (by December 31st, 2022) in addition to being full-year residents for each of those years to be eligible. The higher of the following amounts will be the amount that residents can receive:
- $75 for each taxpayer and every dependent of each taxpayer
- 12% of the tax amount stated on a taxpayer’s Form 40 (or Form 43 for eligible service members)
Not everyone will receive their payment the same way. People who filed their most recent tax return in 2021 with verified banking information will have a direct deposit sent into their bank account. On the other hand, individuals who do not have accurate banking information will get paper checks sent to the most recent address on their file.
Indiana’s “Use of Excess Reserves” law allows eligible citizens to get a one-time tax refund of $125. If a married couple files jointly, they may receive $250 instead.
The best part is that residents will automatically qualify without doing anything else as long as they used a Form IT-40, Form IT-40PNR, or Form SC-40 to file an Indiana resident tax return for 2020 (by no later than January 3, 2022).
Residents who qualify for this tax refund might receive either a check or a direct deposit. Direct deposits will be distributed in May, and the payments will go on until the middle of the summer. The distribution of checks is expected to go out in late summer. Citizens should allow until September 1st, 2022 if they anticipate receiving this payment. The Indiana Department of Revenue website will offer extra relevant information if they have not received it by then.
Maine has had a couple of opportunities for more stimulus funding. The first opportunity came as the Disaster Relief Payment. Eligible residents of Maine received $285 as part of this payout. The most recent stimulus opportunity is relief checks of $850 (or $1,700 for married couples filing jointly). 858,000 citizens of Maine are anticipated to be eligible for these payments. Residents who are eligible for these checks must:
- Submit their 2021 taxes by October 31st, 2022.
- Not be a dependent.
- Have an eligible Federal Adjusted Gross Income (FAGI).
The first set of relief payments will be mailed out in June 2022 for those who want to take advantage of this opportunity. They will continue to be delivered on a rolling schedule until the end of the year.
New Mexico has multiple options for rebates and financial assistance available to residents who meet the requirements. The following information is only a quick summary.
Opportunities to receive assistance from New Mexico include:
- For married couples filing jointly, the head of household, and surviving spouses who meet the income requirements, there is a $500 refundable income tax credit. The date for this payment is July 2022.
- $250 for single people and married couples that file separately and meet the required income levels. The date for this payment is also July 2022.
- Single individuals and married couples filing separately who filed a 2021 personal income tax return are eligible for a $500 refundable income tax return. This payment will be made between June 2022 and August 2022 in parts.
- Married couples filing jointly, the head of household, and surviving spouses who filed a 2021 personal income tax return are eligible for a $1,000 refundable income tax return. The release of this payment will take place between June and August of 2022.
- New Mexico citizens who did not file income tax returns for households with married couples or single people who have at least one dependent will receive a $1,000 tax relief payment. Applicants must apply on yes.state.nm.us since these payments are given on a first-come, first-served basis. Payments will be made by July 3, 2022.
- Residents of New Mexico who did not file income tax returns will get a relief payment of $500 if they are a single-person household without dependents. Applicants must apply on yes.state.nm.us since these payments are also given on a first-come, first-served basis. Payments will be made by July 3rd, 2022.
Through Frontline Worker Pay, Minnesotans have the chance to receive a one-time payment of $750. People must apply by July 22, 2022, to receive this funding. Review the Frontline Worker Pay law to better understand your eligibility. Some eligibility requirements are:
- Between March 15, 2020, and June 30, 2021, an individual should have worked a minimum of 120 hours in Minnesota for at least one frontline sector.
- For a minimum of one year between December 31, 2019, and January 1, 2022, applicants must meet the income requirements.
- People who did not receive unemployment insurance benefits for a period that exceeds 20 weeks from March 15, 2020, to June 26, 2021.
It is important to know which laws have passed and which are still in the proposal period. The states that have approved support are Colorado, Delaware, Georgia, Hawaii, Idaho, Indiana, Maine, New Mexico, and Minnesota.
Each state’s opportunities, conditions, deadlines, and other details may be different. Visit the website of your state’s government to learn more about the potential opportunities in your state. Just because your state isn’t listed, you should keep an eye out for any announcements on stimulus support.