This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Stimulus Update: Inflation Stimulus Check. In the latest round, New Mexico is sending $250 to residents making less than $75,000. Kentucky plans to distribute inflation relief checks to residents in a program that will cost $1 billion. Taxpayers should have received one of those payments either by direct deposit or check already. The lawmakers have ended sessions for the year, so it probably wont happen in 2022. Although consumer prices cooled slightly in July, they still rose8.5% last monthfrom a year ago near a four-decade high and more than quadruple the Federal Reserve's target of 2%. . Would love your thoughts, please comment. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. Okay, it might not be as easy as snapping your fingers, but it is as easy as making a budget. Alaskans can expect $3,200 per person payouts to start hitting bank accounts on September 20, 2022, with the payment including $650 meant to offset higher fuel costs, the stateannouncedlast month. But what does all of this mean as far as a fourth stimulus check is concerned? The Kentucky Center for Economic Policy, a left-leaning think tank, said SB 194 would not provide any tax rebate for many families whose income is below the poverty lineandmost retirees who do not pay anyincome tax, calling it "a poor use of $1.15 billion that is needed to reinvest in our schools and other budgetary needs.". The state of Minnesota passed legislation giving a one-time payment of $750 to front-line workers. Thats leaving them with, in some cases, cash on hand and needing to figure out what to do with it. Copyright 2023 Market Realist. Todays deals: $195 AirPods Pro, $799 MacBook Air, $4 smart plugs, $79 smart TV, more, BTS fans are seething at Ticketmaster over 'platinum' pricing for Suga's solo tour, The best Netflix hidden gems and underrated series to watch right now, The Roald Dahl censorship news is a reminder your eBooks aren't safe from the sensitivity police, Chinese spy balloon spotted floating over Montana, but were going to leave it alone for now, Hunter Biden laptop story should not have been censored, former Twitter exec now admits, This might bring Donald Trump back to Twitter and Facebook sooner rather than later, Stimulus check update: Millions of people still eligible for a federal payment. Our free budgeting app,EveryDollar. The individual rebates are $50 for each person and $100 per dependent (up to three per family). From picking stocks to curating cocktails, Jim Cramer is a household name. That's not a situation the public should hope for. What does this keep out of the budget, potentially? Illinois is also sending $50 rebates to residents who make less than $200,000 a year, and another $100 for up to three eligible dependents. On the table in the Bluegrass State is a taxpayer rebate program worth $1 billion from the states budget surplus. Theres $6.5 billion at stake, and Democratic lawmakers have suggested using it for $200 gas-tax rebates for local taxpayers to help combat the higher prices of fuel. News provided by The Associated Press. If filers paid less than $500 or $1,000, they would receive a rebate of that lower amount;if they paid no state taxes, they would receive no rebate. Who is eligible for stimulus payments from the state in Kentucky? Hawaiians received direct inflation relief payments of $100 or $300 (depending on income) starting in September.8, In the Gem State, taxpayers are getting two tax rebates to buffer the impact of inflation. It also provides relief to 1.1 million homeowners and 900,000 renters, although details arestill in the works. ]]> Sign up for ValueWalks free newsletter here. Heres where the next round of payments may be happening. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy. The Permanent Fund Dividend (PFD) surged this year, from $1,114 in 2021 to $3,284 per eligible recipient in 2022. Gov. Leave it to California to have an inflation relief check plan thats massivejust like the state. It's been months since lawmakers approved a round of stimulus checks, and while monthly Child Tax Credit payments have been hitting Americans' bank accounts since July, not everyone is entitled to those payments. The state of New Mexico is bringing out financial relief in the form of $750 stimulus. The governors proposal got shot down, but the state created a Frontline Worker Program that gave $487 to a little over 1 million Minnesotans who worked on the front lines during COVID-19.16, When New Jersey expanded the ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) Tax Relief Program, it became one of the biggest relief programs in the history of the state. These days, individual state governments are launching their own stimulus check or related benefits for taxpayers. The department of taxation says its still working on how to roll out the measure and hasnt released any specifics yet. Although it is certainly not guaranteed that any additional states will receive a stimulus check, its a possibility in the following states: Kentucky Montana North Carolina Pennsylvania Keep an eye on the political happenings in these states to find out if a stimulus check gets approved and what the details might be. All rights reserved. For families the payments will be $500. Kentucky budget address:5 takeaways from Kentucky Gov. The payments were made to help 59,000 foster families deal with rising prices.6, If you live in Georgia, then tax rebates are probably on your mind. Another proposal, called the Gas Rebate Act, would offer a monthly energy rebate of $100 per person. Janet Mills signed the supplemental budget into law in April. Our expert loves this top pick,which featuresa0% intro APRon both new purchases and balance transfers untilnearly 2023, an insane cash back rate of up to 5%, and all somehow for no annual fee. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. Rebate amounts start at $350 and are based on a combination of income, household size and tax-filing status. The first tax rebate ($250 for single filers and $500 for joint filers) went out in July. Whereas the federal stimulus checks, including 2021s six monthly child tax credit payments, were broad-based and sent out to tens of millions of Americans, those are a thing of the past from the federal government now. Rising inflation and gas prices are making it hard for people to meet all their needs. Last week, Beshear beat them to the punch with his owntax proposal, calling for a 1% decrease to the state sales tax rate in order to help Kentuckians battling the recent spike in inflation. It will be delivered in the mail in August or September to anyone who filed their tax returns by the end of May 2022. 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