After a period of inflation that affected many families and individuals in the US, IRS decided to distribute Stimulus checks to the people who were most impacted by its hard-hitting effects. Quite a few states continue to provide tax refunds to qualified citizens even though inflation has recently dropped significantly. The states which will be carrying on with their process of distribution of funds are Colorado, Massachusetts, New Mexico, Pennsylvania, and some others.
Stimulus Check In July: Individual State Policies And Amount To Be Paid
The state of Colorado has put into practice the property/Rental tax in the system of tax credits to the citizens. The conditions set by the state to receive this benefit are:
- The taxpayer must have lived in Colorado between the period of 1st January to 31st December 2022.
- They must have a combined income that is under $22,858 for married couples filing jointly and $16,925 for single taxpayers.
- They have to be of 65 years or older as of December, 31, or a surviving spouse of 58 or older, or persons with disabilities of any age to get registered for this scheme.
- They have to clear rental and property taxes and other bills during the PTC period.
The stimulus check credit amount can be a maximum of $1,044 yearly, and for fresh applicants, it can be up to $1,000. IRS conveyed that the payment for the earlier applicants was processed and sent by July 5, and for those who applied in July, their credits will be approved and mailed on July 15.
In Massachusetts, taxpayers can get a 14% refund of the total sum of their state tax. The state announces that those who file their due tax by September 15, 2023, will get their refund credited to their bank accounts within one month of the tax filing date.
New Mexico declares that a stimulus check amount of $500 will be credited to the single taxpayers and $1000 to the joint ones. Those who paid their 2021 state tax will receive a mail from IRS within the first few days of this month. The deadline to file the tax is May 21, 2024