According to information provided by the White House in recent months, there is no plan to continue distributing stimulus money. As Brad McMillan, a chief investment officer of Commonwealth Financial Network, explains, one “cause of inflation has been an expansion of demand fuelled by federal stimulus.
However, it is essential to note that local governments disseminate specific plans to send households a fourth stimulus check.
Several states have agreed to provide more financial assistance. Local benefits, however, will not be available to everyone.
States that are distributing stimulus checks
-New York: The Excluded Workers Fund received nearly $2 billion in funding from the city of New York. Undocumented workers who could not collect prior federal stimulus checks will benefit from the approved plan.
In 2020, the program will assist persons who earn less than $26,208. In 2022, the city of New York decided to expand the program.
-Idaho: Residents of Idaho will receive a $75 tax reimbursement per taxpayer and dependent.
-Georgia: Georgia residents who submitted tax returns for 2021 and 2020 will receive an additional tax credit.
-Indiana: Indiana lawmakers adopted a plan to give everyone who filed their taxes in 2021 a $125 tax refund.
-New Mexico: Single filers with an income of $75,000 will be eligible for a $250 tax credit. Plus $500 for joint filers with a combined income of $150,000.
-Connecticut: Gas taxes have been postponed until June 30, 2022.
-Maryland: The state of Maryland has suspended gas taxes until April 18, 2022.
-Maine: Governor Janet Mills wants to offer “relief checks to Maine individuals for $850 in the face of record-high inflation and rising oil and gas prices resulting from Russia’s invasion of Ukraine.”
-New Jersey: Governor Phil Murphy signed a budget bill that will provide almost 1 million families with a one-time payment of up to $500.
Which states are attempting to adopt legislation to provide assistance?