Many states across the country will send relief payments to their residents as the inflation rate that affects their purchasing power continues.
Relief Payments Will Be Sent Out
Millions of Americans continue to struggle everyday due to the increasing inflation rate. Prices of basic commodities are increasing and this affects their purchasing power. To address this problem, several states decided to give relief payments to their residents.
Here are the states that will send relief payments this month, according to a published article in 24/7 WALLST:
The Middle Class Tax Refund program is a part of California’s plan to combat inflation. Residents who meet the program’s requirements can receive a one-time payment of up to $1,050. In October, the state began distributing the relief payments via debit cards and direct transfers, and it will do so again this month.
A tax credit of $750 for single taxpayers and $1,500 for joint filers was passed by Colorado in May. The money would have been made in September to those who submitted their 2021 tax forms by June 30. Those who filed a request for an extension by October 17 will, nevertheless, get relief payments by January 31, 2023.
In May 2022, Delaware provided $300 relief payments to the majority of qualified taxpayers. Starting on November 1, those who are qualified but have not yet received their rebate money may submit an online application for it. The deadline for applications is November 30, 2022.
Hawaii adopted a universal tax refund in June. People with yearly incomes under $100,000 will get $300, and those with annual incomes of $100,000 or more will receive $100. The reimbursement should have been given to those who submitted their 2021 state tax return by July 31st, 2022, in September. By October 31, those who requested paper checks would have gotten them.
Idaho authorized a tax refund of $300 for single taxpayers and $600 for joint filers during a special session in September. According to the governor, all refund payments should be received before Thanksgiving because the state has already started issuing them.
Income and property-related refunds are being sent separately by Illinois. Residents will get $50 as an income refund and $100 for each dependant up to three if their annual income in 2021 is under $200,000 (or $400,000 for couples). Residents with incomes of $250,000 or less ($500,000 per couple filing jointly) are eligible for a $300 property tax relief. The Illinois Department of Revenue began making refund payments in September and anticipates that it would take “several months” to complete the process.
Meanwhile, there are other states as well that will give relief payments to their residents. These payments are expected to be released this month.