Given the numerous rumours and false starts concerning more stimulus funds, it’s understandable that so many people are concerned. Continue reading if you’re interested in learning more.
Four of the most frequently requested stimulus-related questions are addressed in this article.
1. Is another round of direct stimulus payments planned by the federal government?
The federal government has no intention of sending another stimulus payment as of this writing. New pandemic-related subsidies are unlikely to be forthcoming, given the low jobless rate.
2. Which states have made (or will make) stimulus payments?
With surplus stimulus monies bloating their budgets, ten state legislatures are distributing part of the funds to residents. Here’s a breakdown of how much each of the ten states contributes:
Colorado: Single Coloradans can expect a $400 tax relief in the coming months, while joint filers can get an $800 refund.
Delaware: Single Delaware citizens are eligible for a $300 reimbursement, while couples are eligible for a $600 rebate.
Georgia residents who have filed their tax returns for the years 2020 and 2021 are eligible for a $250 to $500 rebate payout.
Hawaii: Residents who earn less than $100,000 per year will receive $300, while those who earn more than $100,000 will receive an additional $100 rebate.
Idaho citizens will receive $75 or 12% of their 2020 state taxes, depending on which option they choose.
After filing their 2021 tax forms, Indiana residents began receiving a one-time $125 tax refund.
New Jersey: A $500 rebate check is on its way to almost 1 million New Jersey families. In addition, citizens of New Jersey who file their taxes using a taxpayer identification number rather than their Social Security number would receive a $500 rebate.
New Mexico legislators devised several cash-management strategies. The first is a $250 rebate for people earning less than $75,000 (which will be mailed in July).
Everyone will get $500 (joint filers will get $1,000). The funds will be distributed in two instalments, with the first half arriving in July and the second in August.
Residents of the state who are not required to file tax returns will be given a $500 rebate (those with dependents will be given $1,000).
Maine was one of the first states to send out state stimulus checks, with residents eligible for up to $850 in payments.
Minnesota: A one-time payment of $750 has been made to frontline workers as a thank you for their efforts.
3. How can I find out if my state will be receiving stimulus funds?
If your state isn’t listed here and you want to know if a stimulus plan is being considered, the best place to go is your state representative’s office.
This website has information on how to contact your local representative.
4. Do you have any other projects in the works?
Regular unleaded gasoline costs $4.84 per gallon on average in the United States as of this writing. Filling a 15-gallon tank costs at least $72.60, to put that in perspective.
Since Russia invaded Ukraine in February, gas prices have been steadily rising. Mike Thompson, John Larson, and Lauren Underwood, three Democratic lawmakers, introduced the Gas Rebate Act of 2022 at the end of March.
If passed, each month that the national average price of gasoline exceeds $4 per gallon, Americans will receive a $100 energy rebate.
The strategy would go like this:
The rebate is activated when average gasoline prices exceed $4.
Each dependent receives $100.
Individuals with an adjusted gross income of more than $75,000, and couples with an income of more than $150,000, are no longer eligible for the rebate.
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The bill is currently being considered by the Ways and Means Committee, with no word on how it will be funded.
It’s important to remember that the COVID downturn harmed millions of Americans financially as we watch plans unfold at the state level. While state rebates are advantageous, full recovery may take years.