State governments are instituting their own stimulus checks or related benefits for taxpayers to assist families in coping with the economic challenges posed by rising costs of living, inflation, the cost of goods, and the cost of some essential services.
Tax rebates, gas rebates, and other benefits are included in the initiative.
Money in the bank
The point is that the federal government allocated billions of dollars to states during the pandemic, and there remains an untapped pool of funds.
As a result, each entity will support the population in a unique way.
Several of the state-level support strategies are listed below.
A possible $400 gas tax rebate is being investigated for up to two vehicles.
A $250 tax credit could be implemented for single filers, $375 for heads of households, and $500 for married couples filing jointly.
All Hawaii taxpayers may be eligible for a $300 tax break if their income is less than $100 and a $100 tax break if their income is greater than $100.
$75 or 12% of 2020 Idaho state taxes, whichever is greater, may be eligible for a tax rebate via direct deposit or paper stimulus check.
A one-time $125 tax credit could be implemented.
A reduction or elimination of the state purchase tax is being considered.
A one-time stimulus rebate of up to $500 per state resident and $1,000 per household is being discussed.
Direct payments could begin with the issuance of $850 stimulus checks.
The state of New Jersey (NJ):
Property tax rebates of $250 for renters and an average of $700 for homeowners are being discussed.
A one-time tax credit of $250 for single filers and $500 for married couples filing jointly is planned to take effect on January 1, 2023, as is a refundable child tax credit of up to $175 per child.
New York, New York:
In 2021, 2022, and 2023, a $425 property tax rebate in New York and $970 outside the city could be implemented.
A 30% reduction in the state gas tax is being considered.
State food taxes could be reduced or eliminated entirely, and the $0.262 per gallon state gas tax could be suspended for one year.