This is a Stimulus Update

Inflation is a problem that everyone is facing. Everything is becoming more expensive from housing to food, gas, and more. Due to all these expenses, states are deciding to help people out by offering some much-needed assistance. Whether states have already started the process of providing their residents with assistance or have proposals that focus on offering relief, some great support opportunities are underway.

Which States Have Allowed Additional Stimulus?

It is important to keep in mind that there is a difference between states that have proposals and those that already have approval. A proposal is a plan, which means no relief can happen yet. The proposal needs approval. Proposals that already have approval can start to act now. The following states received approval to offer a stimulus for their residents:

Colorado

Residents in Colorado can receive either $400 or $800 rebate checks. Single taxpayers would qualify to get the $400 checks, while joint taxpayers would qualify to get the $800. However, the payouts could be larger in the case that the state’s revenue is more than they thought it to be. To be eligible for this opportunity, residents need to file taxes or apply for the PTC rebate by June, 30th, 2022. People can assume to receive the money in August or September of 2022.

Delaware

Delaware can offer support from the 2022 Delaware Relief Rebate Program. This relief rebate option directly offers a one-time fund of $300 to eligible people. A lot of people received their $300 in May 2022, but only in the case that they already filed their 2020 Delaware resident personal income taxes by the due date. Citizens who filed their 2021 tax returns on time and those who are 18 years old or older identified from other Delaware agency data can receive payments throughout the summer. The best part of this relief program is that qualifying Delaware residents do not need to do anything extra to receive their checks.

Georgia

Citizens in Georgia will be able to receive extra stimulus support. Residents who filed their 2020 and 2021 tax returns can receive rebate payments that are based on their tax filing status. The maximum amount that citizens can get will vary:

  • Individual filers can receive up to $250
  • Coupled residents that file separately can receive up to $250
  • Head of household filers can receive up to $375
  • Married residents that file together can receive up to $500

Residents that owe other funds to the state or are partial residents could get a smaller rebate. Georgia expects to distribute all of the stimulus payments by August 2022 for people that had their taxes filed by April 18th, 2022.

Hawaii

Citizens in Hawaii need to meet certain income requirements to benefit from a tax refund that could amount to $300. The rebate amount that an individual can gain will be based on their income level:

  • Citizens that earn less than $100,000 a year can receive $300
  • Citizens that earn more than $100,000 a year can receive $100

The exact date that these funds will be distributed is not yet confirmed, but the Department of Taxation expects that payments will start within the last week of August. Other than these stimulus payments, Hawaii is also moving forward to help residents through the increase of its minimum wage. On October 1st, 2022, the minimum wage will increase to $12. In the coming years, it will gradually increase more:

  • $14 will be the minimum wage by the start of January 1st, 2024
  • $16 will be the minimum wage by the start of January 1st, 2026
  • $18 will be the minimum wage by the start of January 1st, 2028

Idaho

Idaho is also offering qualifying residents some extra stimulus support. To be eligible, residents must have been full-year residents for both the years 2020 and 2021. Additionally, residents also need to have filed an Idaho individual income tax return (or Form 24) for those two years. Citizens have until December 31st, 2022 to file their 2020 and 2021 individual income tax returns to get their rebate. The amount that citizens can get will be the greater amount of the following:

  • $75 for each taxpayer and each dependent member of the taxpayer
  • 12% of the tax amount that was reported on a resident’s Form 40 (or Form 43 for eligible service members)

How residents can get their stimulus will differ. For individuals that presented valid banking information when filing their latest tax return, which would be 2021, will receive a direct deposit in their bank account. People that do not have valid banking information will get paper checks sent to the most recent address on their file.

Indiana

Indiana can assist eligible residents to get a one-time tax refund that is up to $125 from the “Use of Excess Reserves” law. Eligible residents could instead get $250 in the case that they are a married couple filing together. The best part of this stimulus opportunity is that citizens do not need to do anything to get these funds! Residents that filed for an Indiana resident tax return for 2020 (not later than January 3rd, 2022) will automatically be eligible, in the case that they used Form IT-40, Form IT-40PNR, or Form SC-40.

Citizens that can get this tax refund can assume to receive them through direct deposit or by paper check. Direct deposits will be distributed from the start of May until the middle of summer. Paper checks could be distributed in late summer. Residents that are waiting for this payment should expect to wait until September 1st, 2022. If they do not get it by September, the Indiana Department of Revenue will be able to offer more information.

Maine

Two financial relief options came from Maine for more stimulus assistance. The first opportunity was from Maine’s Disaster Relief Payment. This payment offered $285 to eligible Maine residents. The most recent stimulus opportunity is relief checks that are up to $850 (or $1,700 for married citizens filing together). It is estimated that 858,000 residents in Maine will have the chance to receive these payments. To be eligible for these checks, a resident needs to:

  • File their 2021 taxes by October 31st, 2022
  • Not be claimed as a dependent member
  • Have an eligible Federal adjusted gross income (FAGI)

Individuals that are interested in gaining from this opportunity can assume the first round of relief checks to be distributed in June 2022. But, they will continue to be distributed on a rolling schedule through the end of 2022 as returns come in.

New Mexico

When it comes to providing relief to its residents, New Mexico went the extra mile. They have several available opportunities for eligible residents for rebates and economic relief payments. You should keep in mind that the following information is a summary.

Available Opportunities

For more information to find out if you can benefit, you should contact your state. Some options for support from New Mexico include:

  • $500 refundable income tax credit for married couples filing together, the head of household, as well as surviving spouses that meet the eligibility requirements for income. Recipients can expect this payment in July 2022.
  • $250 refundable income tax credit for individual filers and married couples filing separately that meet the eligibility requirements for income. Recipients can expect this payment in July 2022.
  • $500 refundable income tax rebate to individual taxpayers and married couples filing separately that filed a 2021 personal income tax return. This payment will be distributed between June 2022 and August 2022.
  • $1,000 refundable income tax credit to married couples filing together, the head of household, as well as surviving spouses that filed a 2021 personal income tax return. This payment will be distributed between June 2022 and August 2022.

Minnesota

Citizens of Minnesota have the option to benefit from a one-time fund of $750 through Frontline Worker Pay. To get this payment, people will need to apply. Fortunately, the application is open until July 22, 2022. To receive a better understanding of whether you qualify or not, check out the Frontline Worker Pay law. Some eligibility criteria includes:

  • Have been working a minimum of 120 hours in Minnesota for at least one frontline sector between March 15th, 2020, and June 30th, 2021.
  • Meet income level conditions for a minimum of 1 year between December 31st, 2019, and January 1st, 2022.
  • Did not get an unemployment insurance benefit payment for more than 20 weeks on a consistent basis between March 15, 2020, and June 26th, 2021.

Bottom Line

You should remember the difference between legislation that was approved and states that have proposals. Many states have proposals to help their residents, while other states have the approval to provide relief for their residents. Some states have already received approval, such as:

  • Colorado
  • Delaware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Maine
  • New Mexico
  • Minnesota

These states might have received approval, but they are not the only states that will help out their citizens.