Sixteen American states that provide financial assistance to residents: what you need to know about programs
In August 2022, instead of federal funds, several states adopted their own payment programs to better help their residents. In which states these programs operate, and what are the conditions for payments and benefits, reports CNBC.
Below is information about the current status and rules regarding these programs in the 16 states where supplements and tax refunds are distributed, and how you can make sure you qualify if you are a resident.
Gov. Gavin Newsom announced in late June that millions of Californians would receive inflation-reducing payments later this year as part of a new tax credit plan aimed at helping the middle class. According to website California Franchise Tax Board, eligible individuals will receive up to $1050 between late October 2022 and mid-January 2023.
To qualify, you must be a California resident for at least six months during the 2020 tax year, file your 2020 tax returns by October 15, 2021, and not be on anyone's dependent list during the 2020 tax year. You will also need to meet certain California adjusted gross income requirements and be legally a California resident at the time of payment.
Eligible Californians are eligible for between $200 and $1050 depending on their income and tax status. For more information on tax refund amounts, visit the California website. Franchise Tax Board.
The Colorado Cash Back Act was signed into law on May 23, giving Colorado residents — if they are considered state residents for an entire year in 2021 and turned 18 on December 31, 2021 — the opportunity to receive a tax credit. $750 for individual tax filers or $1500 for joint tax filers.
If you filed your Colorado tax return by June 30, you must receive your check by September 30, according to website State Department of Revenue. Those with extended tax filing deadlines in October 2022 should receive them by January 31, 2023.
In May, the Delaware State Assistance Program was signed into law by Governor John Carney, allowing for a lump sum of $300 for every adult in the state.
To qualify, Delaware residents must file their 2021 state tax return by the due date, and nothing needs to be done to get it. According to website Delaware Department of the Treasury, checks are issued throughout the summer.
In mid-July, Governor Ron DeSantis announced that $450 one-time checks were being sent to families who are guardians, adoptive parents, or are in public assistance programs. It is estimated that 59 families will receive payments.
Suitable programs are listed here.
In March, Gov. Brian Kemp signed a tax refund bill to help Georgia cope with the ever-increasing cost of living. Those who apply individually are eligible for $250, while residents who apply as head of household receive $375, and couples and individuals who apply jointly will receive $500.
According to website Georgia Department of Revenue, most of the payments will be made by early August for those who filed their taxes before the 2022 tax deadline, which is April 18.
On June 22, Gov. David Age approved a measure to reimburse each Hawaiian $100 or $300, depending on their income, tax status, and a range of benefits.
Single applicants and heads of households who earned more than $100 in the last year are eligible for a $000 refund, while those in the same category who earned less than $100 in the last year may be eligible for a $100 refund. The same amount will be paid to married couples (serving together and separately) and spouses who earned more than $000 and less than $300 in the last year, respectively.
According to website Hawaii State Department of Taxation, checks will be issued at the end of August.
In February, Governor Brad Little signed legislation to give residents a one-time tax credit of $75 or 12% of your 2020 Idaho taxes, whichever is greater. Payments began to arrive in March.
To qualify, recipients must be Idaho residents for the full year in 2020 and 2021 and must file income tax returns or food credit refund returns for those years. Additional information can be obtained at website Idaho State Tax Commission.
Illinois residents have begun to see results from the $1,83 billion State Family Assistance Plan, which was launched in early July and included a suspension of the 1% sales tax on groceries until June 30, 2023, as well as a sales tax cut (from 6,25% up to 1,25%) during the school holidays from 5 to 14 August. The gas tax increase, which normally occurs in July, is also being pushed back to January 2023.
Income tax refund checks are also issued. Individual applicants who earned less than $200 in 000 are eligible to receive $2021, while married couples who apply jointly with incomes of less than $50 may receive $400. Those who have declared dependency are also eligible for a $000 per child credit with a limit of three credits per child per family.
According to a recent press release from the Illinois website, checks will be posted September 12th.
Gov. Eric Holcomb recently passed the Hoosier Excess Reserves Act to give residents a lump sum of $125 back. The first round of checks was issued in May, followed by several more rounds in July, and they were issued to all residents throughout the year, regardless of income level, if they filed their 2020 tax returns before January 3, 2022.
On July 25, a special meeting was called, and the House Ways and Means Committee passed a bill to distribute payments in the amount of $225 from the state's excess tax revenues. However, at the time of publication, it had not been approved.
Visit Web site Indiana Department of Revenue for more information.
Maine pays its residents one of the highest amounts ever, with singles and couples receiving $850 and $1700, respectively, thanks to a new law signed by Gov. Janet Mills in April.
Maine residents residing in the state all year must file a Maine income tax return by October 31, 2022, and have a federally adjusted gross income of less than $100 when filing an individual return or married and filing a separate return, less than $000 when filing as head of household. Recipients also cannot claim as dependents on anyone's 150 Maine tax return. Please note that residents who still need to file a 000 tax return may do so by October 2021st to qualify.
Checks have been issued since June. Visit Web site Maine Revenue Service for more information.
The Massachusetts Legislature did not recently approve payments of $250 to eligible residents, but the money is still likely to be distributed to a wide range of Massachusetts citizens.
A 1986 Massachusetts law requires the state government to refund excess tax revenue to taxpayers. This means that many residents are likely to receive a share of the approximately $2,5 billion in surplus funds raised by the state. Massachusetts Gov. Charlie Baker said residents will receive a 7 percent refund of their 2021 state income tax, which is about $250 for those making $75 a year.
The state auditor will decide by September 20 whether and how much tax credits Massachusetts will be able to provide.
Last year, Governor Phil Murphy signed legislation allowing eligible New Jersey residents to issue checks of up to $500 in the middle class tax credit, offering child tax credits to those who claim at least one dependent on their 2020 income tax filing. year. .
Each year going forward, payments will be made in July of the following year for those who file by the April 18 deadline, or by December 31 of the following year for those who file with an extended deadline.
Eligibility is based on having at least one qualifying child (declared as a dependent), tax liabilities of more than $1 and certain income limits, and gross annual income of less than $150 for married individuals filing jointly , heads of households and surviving spouses. , or less than $000 for single and married people filing separate documents.
In June 2022, the Governor also announced plans for new reliefs of up to $1500 for eligible families paying property taxes, including renters. This measure has not yet been taken.
Additional information can be found atand website New Jersey Department of Taxation.
New Mexico is giving its residents two separate payments thanks to a new law signed into law by Gov. Michelle Lujan Grisham in early March.
First, there is a $500 exemption for joint filing couples, heads of households, and surviving spouses with incomes of less than $150—single applicants and married individuals who filed separately and earned less than $000 last year will receive $75. These benefits are automatically paid out this month to those who have already filed their 000 state tax returns.
Another income tax relief is also being sent out - the first half already paid in June and the second half to be paid in August - this time to everyone who has already filed their 2021 personal income tax return. Single and married individuals who apply separately will receive $500, while married couples who apply jointly, household heads and surviving spouses are eligible for $1000.
Additional information can be found at website New Mexico State Revenue Service.
Oregon residents who were eligible for recent one-time payments received them by July 31st. Checks for $600 were delivered to low-income residents who met the following criteria: Lived in Oregon in the last six months of 2020.
Eligible South Carolina residents will soon receive up to $800 in income tax relief thanks to a new bill signed by Gov. Henry McMaster in June.
Such benefits are granted per person, regardless of how they filed their tax return. Anyone who has not yet filed a tax return is not eligible for the rebate.
Delivery of these checks is scheduled for November and December 2022. For more information visit Web site South Carolina Department of Revenue.
Virginia residents who had tax liabilities last year are eligible for up to $500 in the state's one-time tax credit program—a lump sum of $250 for those who filed individually or $500 for those who filed jointly.
You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Apple - read it all on ForumDaily New York.
Please note that payments will not be issued until the end of this fall - at the time of this writing, the website states late October for those who filed their 2021 tax returns before July 1st. You must apply by November 1st to qualify. Additional information can be found at website Virginia Department of Taxation.
What to do with payments
No matter how big or small your check is, receiving an unexpected amount of money can be a great incentive to move forward on your financial journey.
Whether you receive $50 or $1000 payouts, you should consider using them to pay off any high-interest debt such as credit cards or personal loans, invest in a Roth IRA or a traditional IRA, or save them for a future home purchase.
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