The money comes from the states surplus of $729.3 million. Americans in some parts of the country are getting extra cash to help offset still-blistering inflation, with at least 21 states and one city offering financial relief to residents grappling with higher food, gas and rent. 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. Labor leaders and House Democrats held a press conference later in the afternoon calling on Republicans to adopt Beshears hero pay proposal from his budget planspending $400 million offederal COVID-19 funds on bonuses for essential workers in the fields of child care, transportation, sanitation, grocery, public health and safety employed through two years of the pandemic. Idaho paid out $75 for each taxpayer and dependent or 12% of their 2020 taxeswhichever amount was biggerearlier this year. Please be aware that some (or all) products and services linked in this article are from our sponsors. Massachusetts residents are likely to get a share of about $2.5 billion in surplus cash collected by the state, with people expected to receive a refund equivalent to 7% of their 2021 state income tax payment. Residents of the Keystone State who qualified and satisfied income requirements received $650, and can apply for a $455 bonus rebate. Stimulus Check From Kentucky: What Is It? For the week ending Sept. 18, there were 351,000 new jobless claims filed. . These days, individual state governments are launching their own stimulus check or related benefits for taxpayers. The assistance targets low-income households, and the check amounts vary by state. Most Maine adults are eligible for the $850 payments, including people with little or no income, but you DO need to file a tax return. Eligible Americans got up to $1,200 to help cope with the high unemployment rate and fallout of the coronavirus hitting the U.S. thanks to a large state revenue, which grew 14%. Partial-year residents, those who pay When they have money left over, thats the states budget surplus. Heres acrazyideainstead of hoping for Uncle Sam to swoop in and save the day with an inflation stimulus check, give yourself a raise to tackle inflation. Kentucky plans to distribute inflation relief checks to residents in a program that will cost $1 billion. Single filers will have had a federal adjusted gross income of less than $100,000, $150,000 if filing as head of household or $200,000 for couples filing jointly. Beshear spokeswoman Crystal Staleysaid the governor "will carefully review any proposal," but had not yet received a copy of SB 194. Both the chambers in Kentucky have come up with different tax plans. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. 2022 BGR Media, LLC. Get browser notifications for breaking news, live events, and exclusive reporting. People may receive compensation for some links to products and services on this website. Add it all up and families in New Mexico got a payout of up to $1,500.19. After all, that might have a little something to do with why we have this killer inflation in the first place. That extra money is how these states are paying for those inflation relief checks. At this point, boosted unemployment benefits have run out, so the jobless are limited to the benefits paid by their states alone. It will cost the state a total of $460 million but it wasnt finalized before the legislative session ended. Indiana sent a first round of inflation relief checks of $125. The proposed plan would see people who earn less than $165,000 get $1,000 and couples earning less than $275,00 would get $2,000. All Colorado residents who filed a 2021 tax return are eligible for the payment.4. Over the years, hes interviewed legendary figures in entertainment and tech that range from Stan Lee to John McAfee, Peter Thiel, and Reed Hastings. Originally published at ValueWalk. There were no federal stimulus checks in 2022, but at least 22 states gave money back to residents -- primarily in the form of income and property tax rebates, child tax credits and direct relief payments. Take Our Poll: Are You Concerned That Social Security Benefits Will Be Reduced During Your Lifetime?Inflation Tips: Top Advice for Saving and Spending. The Massachusetts Senate approved [$250 stimulus checks for taxpayers] (https://www.governing.com/finance/massachusetts-senate-approves-stimulus-checks-and-tax-relief). This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Specifically, the Senate approved a $1 billion rebate, while House Bill 8 proposes reducing the income tax rate. Chicago is alsoholdingmonthly lotteries through September in issuing 50,000 prepaid $150 gas cards and 100,000 prepaid $50 transit cards to those making no more than $73,000 a year. The state has also decided to cut its vehicle property tax. Deadpool 3: Release date, cast, trailers, & everything we know, New on Hulu: All the new movies and shows (March 2023), James Webb photographs cosmic mirage of a galaxy far, far away. The state started sending checks in October 2022 to residents who filed their 2021 Rhode Island tax 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. In addition to sending direct payments to residents, some states have suspended certain taxes. All rights reserved. If you purchase an independently reviewed product or service through a link on our website, BGR may receive an affiliate commission. Market data provided by ICE Data Services. Many states have had historic surpluses over the past year thanks to inflation driving up prices of goods and high pandemic spending. Here are the world's 25 best beaches and top 10 in the U.S. Hackers are targeting this iPhone feature here's how to stay protected, NYC police want shoppers to remove masks before entering stores, FDA authorizes first at-home test for both COVID and the flu. The plan has been added to Senate Bill 194, which deals with the governors involvement in the budget process. In May, Delaware started giving out $300 inflation relief checks to taxpayers in the First State. Residents will need to file 2020 and 2021 individual income tax returns by December 31, 2022 to be eligible. Janet Mills signed the supplemental budget into law in April. Maine is issuing $850 stimulus checks to eligible taxpayers on a rolling basis throughout the year in the order that tax returns were received. The government in Indiana expects to give more than 4 million $125 checks to residents. FRANKFORT Kentucky taxpayers could receive a $500 rebate from the state under a new bill that cleared a legislative committee Thursday morning. The first of the tax rebate checks are being mailed out in the coming week. Want Cash Out of Your Home? Refunds of up to $500 are being mailed to taxpayers who filed their returns by the April 18 deadline due to a state revenue surplus, according to the state's revenue department. More resources and info: https://t.co/2zF05GnGML #mepolitics @CASH_Maine pic.twitter.com/csP4Af6Oh1. The relief program will cost the state $1 billion. Powered and implemented by FactSet. They were a refundablechild tax credit($175 per child) and two refundable income tax rebates. About 3 million people should get the check. Financial experts and economists see a dangerous storm brewing thanks to a volatile combination of high inflation, rising interest rates and supply-chain issues. Giving direct aid, direct payments is far more useful than doing income tax cuts, or gas tax holidays, says Lucy Dadayan, senior research associate at the Urban- Brookings Tax Policy Center. Taxpayers should have received one of those payments either by direct deposit or check already. Montana has also a $1 billion budget surplus for the year. The standard benefit is $650. The Senate Appropriations and Revenue Committee passed the bill with a 7-0 vote. Joint filers, on the other hand, would get a $1,000 rebate, unless they paid less than $1,000 in state taxes. The state of New Mexico is bringing out financial relief in the form of $750 stimulus. An estimated 858,000 taxpayers got inflation relief checks.14, Massachusetts scrapped a plan to give residents one-time stimulus payments of $250 per person ($500 for married taxpayers) to help them pay for high gas prices and deal with inflation. Ky. taxpayers would receive $500 under proposed tax rebate plan, Precautionary boil advisory issued for water customers in east Jefferson County, Police: Woman accused of buying nearly $9K in clothes with stolen credit card, WAVE Weather Now Syncbak Channel Embed for PBE Page, 15-year-old shot, killed in Smoketown neighborhood identified, Christina Applegate attends last awards show as an actress, Man taken to hospital after stabbing in Russell neighborhood, LMPD: Man in hospital after shooting in St. Denis nieghborhood. "Is there more coming in a potential tax reform bill? And lets be realthatsa lotmore than the government can say. Before his Jan. 13 address to outline his own budget proposal, Gov. But what the heck does that mean? 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. And though the federal government hasnt yet answered the call for more funding yet, several states are stepping in to provide money for residents. WebKentucky: Under debate, a one-time stimulus rebate, up to $500 per state resident and $1,000 per household Maine: Direct stimulus check payments of $850 New Jersey: Under If you haven't compared car insurance recently, you're probably paying too much for your policy. So the question really boils down to whether things will get bad enough to warrant another stimulus round. 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