High inflation rates and matching increases in the price of essential items continue to plague Americans. With federal stimulus checks gridlocked in sustained opposition by the Republicans, the states have stepped in to rescue their people.
Many states have already pushed through legislation to send immediate relief stimulus checks to their residents. The latest to push through a bill in Hawaii.
The Hawaiian check could come to around $300 and are directed toward low-income households. The bill was approved 2 weeks ago by lawmakers. Senate Bill no. 514 will give additional cash to low earners.
Residents of Hawaii will get up to $300 for income below $100,000. Those earning more than that will receive $100.
Tam Yamachika of the Tax Foundation of Hawaii said that he was glad that lawmakers have decided to return part of the excess tax money to the taxpayers. The foundation president said that though it is a one-off check, people who have suffered a lot during the past two years will be appreciative of the support.
Hawaii Stimulus Check First Proposed By Gov. Ige Earlier This Year
Significantly, the rebate will also benefit dependents. Thus, the size of the Hawaii stimulus check will depend on the number of members of the household. The Hawaii stimulus check would go out to taxpayers who have filed their 2021 income tax returns.
The Hawaii stimulus check is expected to cost around $250M. Another $500M has also been set aside as a reserve fund plus also for emergencies. $300M has also been set aside as a pension accumulation fund. It’s the first functional credit or refund of state tax since 2007.
The rebate was first proposed by Governor David Ige earlier. But his initiative did not receive much enthusiasm from lawmakers during the initial phase.
But the state saw record collection in state taxes during the tourism trade as it bounced back, and the general recovery as seen in the economy helped lawmakers to change their initial stand and agree to the Hawaii check.