States Are Sending Substantial Stimulus Checks to Help With Inflation.

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In contrast to previous stimulus programmes, Forbes reported that the majority of the packages being approved or considered target specific groups rather than the general population.

“In theory, plans targeted at specific sectors or groups, such as gas cards or disbursements based on income thresholds, could help alleviate the pain caused by specific goods or services’ prices…without exerting as much pressure on overall prices,” Andrew Patterson, senior international economist at Vanguard, told Forbes.

 

stimulus

 

The Gas Rebate Act of 2022 was introduced recently by a bipartisan group of House members, including Reps. Mike Thompson (D-Calif.), John Larson (D-Conn.), and Lauren Underwood (D-Ill.). The bill would provide eligible taxpayers with a monthly rebate of $100 and an additional $100 per dependent.

According to this proposal, married couples filing jointly who earn up to $150,000 annually and single filers who earn up to $75,000 annually would receive full payments. The amount would be reduced for those with a higher income. The legislation must be approved by Congress, which may prove difficult given that many lawmakers favour ending COVID-era stimulus payments.

 

According to Yahoo, the following state legislatures have already approved the following proposals:

  • Idaho Governor Brad Little signed a bill last month granting residents a $350 million tax rebate. All Idaho residents who filed tax returns for the years 2020 and 2021, as well as those who applied for grocery credit refunds, will be compensated.
  • Georgia residents who have filed their 2021 and 2022 tax returns will receive refunds based on their filing status. A single filer is eligible for a $250 rebate, while a joint filer is eligible for a $500 rebate.
  • Indiana taxpayers will receive a one-time refund of $125 after filing their taxes for 2021.
  • New Jersey: Governor Phil Murphy and state legislators approved a proposal last fall to send rebates of up to $500 to nearly 1 million households.
  • Additionally, taxpayers who file their tax returns using their taxpayer identification number rather than their Social Security number are eligible for a $500 rebate.

Governor Michelle Lujan Grisham of New Mexico signed legislation earlier this month providing a $250 rebate to New Mexico taxpayers. Married couples filing jointly will receive a $500 rebate. For single taxpayers, the threshold is $75,000; for married taxpayers filing jointly, the threshold is $150,000.

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Additional states with pending legislation are listed below.

  • Governor Gavin Newsom of California proposed offering residents rebates totaling $9 billion. Rather than tax returns and income, vehicle registration would determine eligibility.
  • Hawaii: Gov. David Ige intends to send a $100 tax rebate to all Hawaii taxpayers, plus an additional $100 for each dependent.
    Kentucky’s Senate passed a bill reimbursing taxpayers by $1 billion. The state will provide a $500 rebate to eligible individuals and up to $1,000 to eligible households if the measure becomes law.
  • Governor Mills proposes to send residents a $850 one-time rebate check. Checks can be mailed in June if approved.
  • Gov. Tim Walz of Minnesota has proposed issuing $500 tax rebate checks to taxpayers. However, lawmakers disagree on who should receive them.
  • New York: Under Gov. Kathy Hochul’s budget proposal, property owners outside of New York City would receive an average rebate of $970, while those in New York City would receive an average rebate of $425.
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