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Sunday, November 27, 2022

The Number Of States Giving Out Stimulus Check This Fall Swells To 17

The first two years of the pandemic were marked by regular speculation about when the next stimulus check would be sent. The initial two of the three stimulus checks helped people stave off certain starvation and homelessness. People were able to put food on the table, pay off pending bills, and clear their home rent dues. For the first time, people even managed to save a part of the payments.

For people who had lived paycheck-to-paycheck all their lives, it was the first time that people did not have to worry about where the next paycheck was going to come from. The third stimulus check came within a couple of months after the second.

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Newly elected President Joe Biden signed the American Rescue Plan Act on March 11, 2021, and within days the third stimulus check reached millions of beneficiaries. It was the biggest payment out of the three and gave families a generous amount that was more than $5,000 for a family of four earning below $75,000.

The stimulus check was not the only support given by the federal administration. The Rescue Plan also made provisions for indirect support to keep the economy on an even keel. Billions were given to businesses to keep the economy running. This achieved two objectives. It helped businesses retain workers even when production and sales were severely hampered.

The support also helped the economy from going into a deep recession, like the one seen in 2009. And once normalcy returned, such businesses were able to smoothly transition to normalcy. This was one of the primary reasons the recession was so brief, even during such an unprecedented period. It even helped in the boom period in the last two quarters of 2021.

Federal Support To States Under Rescue Plan Help In Stimulus Checks To Residents

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The Rescue Plan also provided support to states, local, and tribal bodies. These funds have been a great help even as inflation has reached record levels and has stayed above 8% for close to a year.

Stimulus Check
Stimulus Check

States have relied on these funds to come up with plans of their own to support residents who have been suffering as rising prices have negated any rise in wages and have led to negative earnings when compared to the pre-pandemic period.

The number of states has swelled and reached 21. California is the latest among states to declare a stimulus check for its residents. And it is among the most generous. This has been possible as California has a generous budget surplus of $97 billion. It is one of the many stimulus checks that will go out to states this fall.

Governor Gavin Newsom signed the 2022-23 state budget back in June which included the third stimulus check. it will give direct payments of up to $1,050 to affected families. Around 23 million Californians are expected to benefit from this largesse declared by the California administration.

Individuals in the lowest slab can expect a $350 stimulus check, while families earning up to $500,000 and individuals up to $250,000 can also expect a stimulus check but it will be pared down to $200 per filer.

The payments will be issued by the Franchise Tax Board (FTB) of California. The payments will mostly go out through direct deposit into accounts and also through debit cards. No paper checks are being issued in this round.

Those who have received earlier rounds of stimulus checks or tax refunds through direct deposits to account can expect the same method this time around. The remaining payments will go out through debit cards. All debit card payments will be sent by the second week of January next year, though 90% of the payments are expected to be completed by October.

Around 23 million people will benefit from the Middle-Class Tax Refund. Residents who have filed their income tax return for 2020 by October 15, 2021, will qualify for this stimulus check. they must also have been a resident of the state for a minimum of 6 months in 2020.

 The resident should also not be listed as a dependent on someone else’s return for the tax year 2020. You must also be a resident of California on the date the payment is issued.

Colorado Cash Back Stimulus Check

Coloradans could get a tax back by the end of this month or in October. the rebate has been dubbed the Colorado Cash Back and is part of the Taxpayer’s Bill of Rights (TABOR). The bill limits spending by the state government and requires it to refund any excess revenue to the taxpayer.

The bill that was signed by the Governor, Jared Polis ensures that the residents of the states will receive it earlier than the normal payment date which was in the spring of next year. joint filers who qualify will receive $1,500 while individual qualifiers will receive $750.

Any resident who is at least 18 years on December 2021 will qualify for this stimulus check. they should have lived in Colorado for all of 2021. Applicants should also have either filed their income tax returns for 2021 by the end of June, or by October 17, if they have filed for an extension. Residents who apply for or qualify for the PTC Rebate (property/tax/heat credit) for 2021 by June 30 have also qualified.

stimulus check
stimulus check

To prevent fraud, the stimulus checks will be mailed to recipients instead of being transferred to direct deposit accounts that are on the records.

Florida is another state that has announced a stimulus check recently. A $450 stimulus check will be given to parents of foster children and caretakers, both related and non-related. People on welfare will also qualify for the statement. The funds are being sourced from the Rescue Plan grant to states.

Hawaii has also started giving out stimulus checks this fall and the payments will continue for some time. Filers who earn less than $100,000 will get a $300 stimulus check, while others will get a $100 payment from the state.

Idaho has approved two income tax rebates. The present residents who have stayed for a total of 270 days in tax years 2020 and 2021 qualify for the state stimulus check of either $75 per individual filer or 12% of the 2020 state tax, whichever is higher.

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