Inflation is felt around the country. Everything is becoming more expensive from housing costs to electricity, groceries, gas, and more. Because of all these costs, states are taking matters into their own hands by aiming to provide some much-needed relief to their residents. Whether states have already begun the process of giving their residents support or have proposals aiming to provide relief, there are some big support opportunities in the works.
Which States Have Approved Additional Stimulus?
It is important to keep in mind the difference between states that have proposals versus states that have already approved legislation. A proposal is a plan–it doesn’t mean anything can happen just yet. It still needs approval. On the other hand, legislation that has already received approval can be put into place. The following states have approved legislation to provide a stimulus for their residents:
People in Colorado may be able to get either $400 or $800 rebate checks. Individual taxpayers would be eligible to receive the $400 checks while joint taxpayers would be eligible to receive the $800. However, the payouts could be even bigger if the state’s revenue is more than they expect. To qualify for this opportunity, residents must either file taxes or apply for the PTC rebate by June 30th, 2022. However, individuals can expect to get the money in either August or September of 2022.
Delaware can provide support through the 2022 Delaware Relief Rebate Program. This relief rebate program provides a one-time payment of $300 directly to residents that qualify. A lot of residents received their $300 in May of 2022 only if they already filed their 2020 Delaware resident personal income taxes by the date it was due. However, residents that filed their 2021 tax returns on time and residents that are the age of 18 and older identified through other Delaware agency data may be able to see payments made throughout the summer. The best part? Eligible Delaware residents do not need to do anything extra to receive their checks.
Residents in Georgia may be able to see some additional stimulus support. Residents who filed their 2020 and 2021 tax returns can get rebate payments that depend on their tax filing status. The maximum amount that residents can receive will vary:
- Single filers can get up to $250
- Married residents that file separately can get $250
- Head of household filers can get $375
- Married residents that file jointly can get $500
However, residents that owe other payments to the state or partial residents may receive a smaller rebate. Georgia expects to have given all of this stimulus by August 2022 for individuals that had their taxes done by April 18th, 2022.
Residents in Hawaii that meet certain income guidelines can benefit from a tax refund of up to $300. The rebate amount that a person can benefit from will depend on their income level:
- Residents that make less than $100,000 a year can get $300
- Residents that make more than $100,000 a year can get $100
The exact date that these payments will start going out isn’t confirmed yet, but the Department of Taxation anticipates that payments will begin during the last week of August. Besides these stimulus payments, Hawaii is also taking steps to help residents by increasing their minimum wage. Starting on October 1st, 2022 minimum wage will increase to $12. However, in the following years, it will increase even more:
- $14 will be the minimum wage starting on January 1st, 2024
- $16 will be the minimum wage starting on January 1st, 2026
- $18 will be the minimum wage starting on January 1st, 2028
Idaho is also providing eligible residents with some additional stimulus support. To qualify, residents must have been full-year residents for both 2020 and 2021 that also filed an Idaho individual income tax return (or Form 24) for those years. Residents have until December 31st, 2022 to file their 2020 and 2021 individual income tax returns to receive their rebate. The amount that residents will be able to get will be the greater amount of the following:
- $75 per taxpayer and for each dependent of the taxpayer
- 12% of the tax amount that was reported on a taxpayer’s Form 40 (or Form 43 for qualifying service members)
The way residents receive this stimulus will vary. For people that gave valid banking information when filing their most recent tax return which was 2021 will get a direct deposit in their bank account. However, individuals that do not have valid banking information will receive paper checks to the address that is most recent on their file.
Indiana can help qualifying residents receive a one-time tax refund worth $125 through the “Use of Excess Reserves” law. Qualifying residents could instead receive $250 if they are a married couple filing jointly.
The best part is residents don’t need to do anything to receive the funds! That’s because those that filed for an Indiana resident tax return for 2020 (no later than January 3rd, 2022) will automatically qualify if they used either a Form IT-40, Form IT-40PNR, or Form SC-40.
Residents that can receive this tax refund can expect it to come through direct deposit or check. Direct deposits are expected to roll out at the beginning of May and continue into mid-summer. On the other hand, checks can be expected to roll out in late summer. Residents that expect this payment should allow until September 1st, 2022. However, if they don’t receive it by this time, the Indiana Department of Revenue website will provide additional relevant information.
Two opportunities came from Maine for additional stimulus help. The first opportunity was through Maine’s Disaster Relief Payment. This payment provided $285 to qualifying Maine residents. However, the most recent stimulus opportunity is relief checks worth $850 (or $1,700 for married residents filing jointly). It is estimated that 858,000 residents in Maine will be able to get these payments. To qualify for these checks, a resident must:
- File their 2021 taxes by October 31st, 2022
- Not be claimed as a dependent
- Have a qualifying Federal adjusted gross income (FAGI)
Those that want to benefit from this opportunity can expect the first round of relief checks to be mailed out starting in June 2022. However, they will continue to be delivered on a rolling schedule through the end of the year as returns come in.
When it comes to helping their residents, New Mexico took some impressive measures. They have multiple opportunities available to qualifying residents for rebates and economic relief payments. It is important to keep in mind that the following information is a brief overview.
For additional information to determine if you can benefit, you will want to get in touch with your state. Some opportunities for support from New Mexico include:
- $500 refundable income tax credit for married couples filing jointly, the head of household, as well as surviving spouses that meet income requirements. This payment will be issued in July 2022.
- $250 for single filers and married couples filing separately that meet income requirements. This payment will be issued in July 2022.
- $500 refundable income tax rebate to single taxpayers and married couples filing separately that filed a 2021 personal income tax return. This payment will be issued in parts between June 2022 and August 2022.
- $1,000 refundable income tax rebate to married couples filing jointly, the head of household, as well as surviving spouses that filed a 2021 personal income tax return. This payment will be issued in parts between June 2022 and August 2022.
- $1,000 relief payments to New Mexico residents that did not file income tax returns for households with married couples or individuals with at least one dependent. These payments are provided on a first come first served basis so applicants will need to apply through yes.state.nm.us. Payments will be issued no later than July 3rd, 2022.
- $500 relief payments to New Mexico residents that did not file income tax returns for households with a single individual that doesn’t have any dependents. These payments are provided on a first come first served basis so applicants will need to apply through yes.state.nm.us. Payments will be issued no later than July 3rd, 2022.
Residents of Minnesota have the opportunity to benefit from a one-time payment of $750 through Frontline Worker Pay. To receive this fund, individuals will need to apply. Luckily, the application window is open until July 22, 2022. To get a better understanding of your eligibility, review the Frontline Worker Pay law. Some eligibility requirements include:
- Have been employed a minimum of 120 hours in Minnesota for at least one frontline sector between March 15th, 2020, and June 30th, 2021.
- Meet income requirements for a minimum of one year between December 31st, 2019, and January 1st, 2022.
- Did not receive an unemployment insurance benefit payment for more than 20 weeks on a cumulative basis between March 15, 2020, and June 26th, 2021.
It is important to understand which legislations have been approved and which are simply proposals. There are plenty of states that have proposals, however, the proposals must be approved to help residents. Some states that have approved support include:
- New Mexico
Be on the lookout in your state for any updates when it comes to stimulus support. Each state will have its own set of opportunities, requirements, issuing dates, etc. To review what opportunities may be available for your state, check out your state’s government site for more information.