According to recent White House information, there is no plan to continue distributing stimulus funds. As Commonwealth Financial Network’s chief investment officer, Brad McMillan, explains, one “cause of inflation has been an expansion of demand fueled by federal stimulus.”
It is critical to note, however, that local governments communicate specific plans to provide households with a fourth stimulus check.
Numerous states have committed to providing additional financial assistance. However, not everyone will be eligible for local benefits.
States that are distributing stimulus checks -New York: The city of New York contributed nearly $2 billion to the Excluded Workers Fund. The approved plan will benefit undocumented workers who were unable to collect prior federal stimulus checks.
In 2020, the program will assist individuals with an annual income of less than $26,208. New York City decided to expand the program in 2022.
-Idaho residents will receive a $75 tax credit for themselves and their dependents.
-Georgia: Residents of Georgia who filed tax returns for the years 2021 and 2020 will receive an additional credit.
-Indiana: Indiana lawmakers approved a plan to provide a $125 tax refund to everyone who filed their taxes in 2021.
-New Mexico: Individuals earning up to $75,000 will qualify for a $250 tax credit. Plus $500 for married couples filing jointly with a combined income of $150,000.
-Connecticut: The state has delayed the implementation of gas taxes until June 30, 2022.
Maryland has suspended gas taxes until April 18, 2022.
-Maine: Governor Janet Mills proposes to issue “relief checks totaling $850 to Maine residents in response to record-high inflation and rising oil and gas prices caused by Russia’s invasion of Ukraine.”
-New Jersey: Governor Phil Murphy signed a budget bill that will provide a one-time payment of up to $500 to nearly 1 million families.
Which states are attempting to enact assistance legislation?