Next Month, Americans in Two States Will Receive Stimulus Funds.

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In anticipation of a potential fourth federal payment, Americans in a few states that have approved additional COVID relief will receive another round of stimulus checks.

Individuals in Maine and New Mexico could receive another check as early as June due to the successful passage of additional economic relief for residents by legislators in those states. The legislation follows a similar move in Alaska last week, when the state Senate approved a spending package that included $5,500 cash payments for Alaska residents.

 

Stimulus Check

 

With inflation at a four-decade high, some state governors and other legislators have advocated for new stimulus check payments or rebates to lessen the financial burden on Americans. California, Minnesota, Colorado, Kansas, Hawaii, and Pennsylvania are also considering stimulus plans.

According to the website of Governor Janet Mills, an estimated 858,000 people across the state will receive $850 in relief checks to help alleviate rising prices caused by “pandemic-driven inflation.”

 

June Stimulus Review Update

Individuals in Maine and New Mexico could receive another stimulus check as early as June, thanks to the successful passage of additional economic relief for residents by their legislatures. Above, economic stimulus checks are prepared for printing on May 8, 2008 at the Philadelphia Financial Center.

To be eligible, full-time Maine residents must file their income tax returns by October 31. They cannot be claimed as a dependent, and their federal adjusted gross income (FAGI) must be less than:

After June, it is still possible for residents of Maine to receive these checks, but the first payments will be mailed as early as next month.

“In order to get these funds into the hands of Mainers as quickly as possible, the first round of relief checks will be mailed in June 2022, and they will be delivered on a rolling basis until the end of the year,” Mills’ office stated.

Under the Homestead Exemption Program, certain individuals may qualify for an additional $1,400 in tax relief.

The $850 assistance checks are expected to return $729,3 million to taxpayers.

 

New Mexico.

The state legislature has approved summertime tax rebates, with the first payments anticipated next month.

The stimulus measures will provide a refundable income tax rebate of $500 for single filers and married individuals filing separately, and $1,000 for joint filers, heads of households, and surviving spouses, according to the Taxation and Revenue website of the state. Single filers will receive equal payments of $250 in June and August, while joint filers will receive $500 each month.

In addition, married couples filing joint returns, heads of household, and surviving spouses with incomes below $150,000 will receive a refundable income tax credit of $500 in New Mexico. Single filers and married filers filing separately who earn less than $75,000 will receive $250.

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The rebates will be sent automatically to taxpayers who file their 2021 tax returns by May 31, without the need for a separate application.

Governor Michelle Lujan Grisham stated, “This summer, we will return hundreds of millions of dollars in relief to New Mexico families, protecting their paychecks and assisting them in coping with rising gas, grocery, and other household costs.”

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