Almost everything is getting more expensive, from housing costs to utilities, groceries, transportation, and other expenses. Due to all of these costs, state governments are taking matters into their own hands to provide much-needed aid to their population. Whether states have begun the process of helping their residents or have proposals aiming to provide relief, there are significant support opportunities in the works.
The States That Have Approved More Stimulus
Understanding the difference between states with proposals and those with actual legislation is important. In general, a proposal is just a plan; it is not a guarantee that it will be in action. In other words, it still requires approval. As an alternative, a law that has been approved may be put into effect. The following states have enacted legislation to provide their residents with an extra stimulus:
Citizens of Colorado can be eligible for refund checks worth $400 or $800. To clarify, individual taxpayers would be eligible for the $400 checks, while joint taxpayers would be eligible for the $800 payments. Nonetheless, the benefits could be far higher if state revenue is higher than anticipated. In order to be eligible for this opportunity, residents must have paid their taxes or applied for the PTC rebate by June 30, 2022. They can expect to get the money in August or September 2022.
The 2022 Delaware Relief Rebate Program is an effective support program for Delaware citizens. Through this relief rebate program, residents who meet the requirements will get a direct payment of $300. However, only those who filed their 2020 Delaware resident personal income tax returns before the due date were eligible to receive their $300 in May 2022. Yet, people who timely and correctly filed their 2021 tax returns and residents that Delaware authorities identify as being 18 years of age or older may be eligible to receive payments this summer. Other than that, eligible Delaware citizens can get their benefits without taking any further steps.
For Georgians, more stimulus cash might be available. Depending on their status of tax filing, residents who submitted tax returns for 2020 and 2021 may qualify for rebates. Consequently, residents may get a maximum of one of the following:
- The maximum award for a single filer is $250.
- Married couples can receive $250 if they file separately.
- For household heads, the maximum payment will be $375.
- Married couples are eligible for $500 if they file jointly.
However, people who are only partially residents or who owe the state additional money may only be eligible for a smaller amount of payment. Georgia plans to distribute all of this stimulus money by the end of August 2022 to those who paid their taxes by April 18, 2022.
Citizens of Hawaii who meet certain income limits may qualify for a tax refund of up to $300. The amount of the return that an individual may receive depends on their level of income:
- Citizens are eligible for $300 if their annual income is under $100,000.
- Residents are eligible for $100 if their annual income exceeds $100,000.
The Department of Taxation anticipates that these payments will start sometime in the last week of August. However, there is no official word yet on when exactly it will begin.
Hawaii is also helping its people by increasing the minimum wage in addition to these stimulus funds. On October 1st, 2022, the minimum wage should increase to $12. However, in the future, it will rise even further. The new minimum wage will be $14 in 2024, $16 in 2026, and $18 in 2028.
Additionally, Idaho is providing eligible residents with extra stimulus funds. Along with being a full-year resident for each of the years 2020 and 2021, residents must have filed an Idaho individual income tax return (or Form 24) for those years. Residents must file their individual income tax returns for 2020 and 2021 by December 31, 2022, to get their rebate. The maximum amount that residents may get will be the higher of the following amounts:
- $75 for each taxpayer and each of their dependents
- 12 percent of the tax amount that appears on Form 40 of the taxpayer (or Form 43 for eligible service members)
It will not be the same for everyone who receives their stimulus. People who submitted their most recent tax return in 2021 with proper banking information will receive their stimulus payments in the form of a direct deposit into their bank accounts. Individuals without correct banking information, on the other hand, will receive paper checks at the most recent address they provided on their file.
The “Use of Excess Reserves” law in Indiana allows eligible people a $125 one-time tax refund. Married couples who file jointly may instead be eligible to receive $250.
Fortunately, residents do not need to do anything to receive the money. In fact, everyone who filed an Indiana resident tax return for 2020 using a Form IT-40, Form IT-40PNR, or Form SC-40 (no later than January 3, 2022) will be automatically eligible.
People who meet the requirements for this tax refund may get a check or a direct deposit. Direct deposits should start in May and continue through the middle of the summer. On the other hand, the check distribution is anticipated towards the end of the summer. If citizens expect to get this money, they should give themselves until September 1st, 2022. In case they have not already received it by then, the Indiana Department of Revenue website will provide more relevant information.
Maine provided two different opportunities to receive additional stimulus money. The Maine Disaster Relief Payment is the first opportunity. Maine people who qualified for this payment received $285. The most current stimulus option is relief checks of $850 (or $1,700 for married couples filing jointly). As likely as not, 858,000 residents of Maine will qualify for these benefits. To qualify for these checks, there are some requirements to meet, such as:
- Recipients should not be considered dependents.
- They have to submit their 2021 taxes by October 31st, 2022.
- They also must have an eligible Federal adjusted gross income (FAGI).
Mailing out the first batch of relief payments has begun in June 2022. Until the end of the year, returns will still be provided on a rolling schedule as returns come in.
In order to help its residents, New Mexico took a number of notable actions. Residents who meet the qualifications are eligible for several rebates and financial assistance opportunities.
What Are the Available Opportunities in New Mexico?
New Mexico offers a variety of opportunities for assistance, including:
- A $500 refundable income tax credit is available to married people filing jointly, the head of household, and surviving spouses who meet the income criteria. This payment should be available in July 2022.
- For single individuals and married couples that file separately and have the required income levels, the payment will be $250. This payment should be available in July 2022.
- A $500 refundable income tax return is available to single people and married couples filing separately who filed a 2021 personal income tax return. This payment will be made in parts from June 2022 to August 2022.
- A $1,000 refundable income tax return is available to married people filing jointly, the head of household, and surviving spouses who filed a 2021 personal income tax return. People should expect to receive their money between June and August of 2022.
- $1,000 tax relief payments to residents of New Mexico who were married couples living together or single taxpayers with at least one dependent but did not file income tax returns. Since these payments are distributed on a first-come, first-served basis, applicants must apply through yes.state.nm.us. Payments shall be made by July 3, 2022.
- If they are single-person families without dependents and could not file income tax returns, New Mexico residents will get $500 in relief payments. Again, since these funds are distributed on a first-come, first-served basis, applicants must apply to yes.state.nm.us. Payments should be available by July 3rd, 2022.
Minnesotans have the option to get a $750 lump-sum payment through Frontline Worker Pay. In order to receive this money, you must apply. Luckily, the application deadline is July 22, 2022. For a better understanding of your eligibility, make sure to check the Frontline Worker Pay law. The following are some eligibility standards:
- An applicant must have worked in Minnesota for at least one frontline sector for a minimum of 120 hours between March 15, 2020, and June 30, 2021.
- Applicants must achieve the income standards for a minimum of one year between December 31, 2019, and January 1, 2022.
- People who, between March 15, 2020, and June 26, 2021, did not receive unemployment insurance benefits for a period longer than 20 weeks.
In short, it is critical to understand which laws have been passed and which are merely proposals. Colorado, Delaware, Georgia, Hawaii, Idaho, Indiana, Maine, New Mexico, and Minnesota are the states that have approved support.
Make sure to keep an eye out for any updates on stimulus funding in your state. Opportunities, requirements, deadlines, and other specifics may vary by state. To find out more about the available opportunities in your state, visit your government’s website.