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Wednesday, August 10, 2022

Millions Of Residents Will Get A Stimulus Check In 2022: Is Your State On The List?

Americans who are severely affected by the record inflation rate that has jacked up prices across sectors are in for a disappointment if they expect the federal administration to help them out. The federal administration has concentrated its resources on building the infrastructure rather than giving out stimulus checks.

The Biden administration is also facing stiff opposition from Congress, with the Senate split down the middle and two of the Democratic Senators going against the President on most issues.

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There is also the realization that the successive checks may have contributed partially to the record inflation that has sent prices into a tizzy across all products and services.

But for millions, their state governments are offering special state stimulus checks in various forms. Though not as generous as the federal checks, these inflation relief payments will help low and moderate-income residents as they continue to be under acute economic distress due to the record inflation figures.

Around 15 states have already taken legislative measures that will give money to their residents. These payments will be in various forms ranging from direct stimulus checks to banks or paper checks, to tax rebates, gas cards, and transit cards.

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Most states have opted for one-off stimulus checks while a few of them have broken it up into two or three smaller monthly payments.

A look at what states are sending out as inflation relief payments will reveal the extent to which they are supporting their residents.

Various State Stimulus Checks

California has been the latest to announce measures to help millions who have been directly affected by the rise in prices of essential goods, especially gasoline, the prices of which are the highest in the US. Earlier the state had proposed giving a $400 gas card for every vehicle registered in California with each family entitled to cards for a maximum of two vehicles. But the current stimulus checks announced by the Golden State promise to be more generous with a family with a child getting a maximum of $1,050.

California has a hefty budget surplus of $97 B and the stimulus checks will be given as direct bank deposits to filers or debit cards. The payments are expected to be completed before 2023. The first payments are expected to go out as early as October. The exact amount of the stimulus check will depend on the income of the resident, their tax filing status, and the size of their household.

Single taxpayers earning $75,000 or less, and married couples who earn $150,000 or below will receive a stimulus check of $350 each. A dependent child is entitled to the same amount. For couples earning between $150,000 and $250,000, and half that for individuals, the stimulus check amount comes down a notch to $250 for the three.

Couples earning between $250,000 and $500,000 annually would receive a stimulus check of $200 stimulus check for a total family payment of $600.

Single filers earning more than $250,000 and families declaring earnings of $500,000 will not be entitled to the California stimulus check.

New Mexicans have already started receiving the new set of tax rebates.  House Bill approved 163 which was approved during the regular legislative session in 2022 has sent tax rebates to many residents.

Those who have filed their 2021 returns and have chosen the direct deposit mode will receive their stimulus checks as early as next week. For those choosing the paper check payment mode for their state stimulus check, the payment will be overdue by a few weeks due to postal delays.

The payment in June had an income limit attached to them, unlike the next payment in July. Single filers must earn $75,000 or less in their 2021 tax returns to qualify for the $250 stimulus check. For married couples filing jointly, the income limit is double at $150,000 or less. They will receive a $500 stimulus check.

The New Mexico tax and revenue dept. has announced that paper checks will also be processed and could begin to be mailed by next week. The slowdown in the direct processing system will have a limit as the department has said that manual sending of stimulus checks slows down the process due to the physical limitation of this mode of payment. So people who have opted for the paper check version must be patient.

Non-tax filers who have applied for payment through the Human Services Dept. will also see more payments starting to be processed starting July. This round of stimulus checks will follow the first round sent in June. The final round of payment has been scheduled for August.

Maine continues to process relier payments with more than half of it paid out to taxpayers. The state was there first of the mask with the stimulus check after the legislation was approved earlier this year through a bipartisan majority as part of the budget signed by Democratic Governor Janet Mills. Around 858,000 Mainers are expected t benefit from the payment.

An initial 5,000 stimulus checks were followed by the issue of 200,000 stimulus checks every week and most will receive their payments by July according to the department’s communications director, Sharon Huntley.

The state budget approved a $1.2 B state budget in April and over half of that amount will go directly to residents. There were also calls for the suspension of the state sales tax on gas. But Gov. Mills opposed the move and said that the stimulus check should be enough for residents to cover grocery and gasoline costs.

Residents of Maine earning $100,000 and below as individuals and $200,000 and below as joint married couples are entitled to the benefit. For household heads, the cut-off income is $150,000. Residents can check the status of their relief payment on the Revenue Services site of Maine.

Other states too are in the process of legislation on relief measures for their residents. Georgia’s residents who have filed their 22021 returns will receive between $250 and $500 depending on their family status.

Residents of Hawaii earning $100,000 or less will receive a $300 stimulus check while others will receive $100.

Idaho has announced a $75 stimulus check or 12% of the 2020 state tax, whichever is higher while residents of Delaware will get a relief rebate of $300 if they have filed their state tax returns for 2020.

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