5 US States to Distribute Stimulus Checks This Year
The federal stimulus measures are coming to an end, and in response, a number of states have taken the initiative to provide financial assistance to their citizens within the year 2024.
It is possible that federal stimulus payments would no longer be available, nevertheless, state refunds offer a potential avenue for taxpayers who are eligible to receive aid from the government.
Despite the fact that additional federal stimulus checks are not currently anticipated, Zack Hellman, the founder of Tax Prep Tech, noted that it could be advantageous to keep a look out for potential direct payments or tax credits from local or state governments.
There have been five states that have come up with proposals for direct payments this year; nevertheless, in order to gain access to these funds, it is necessary to fulfill certain conditions.
Several states are making use of budget surpluses, while others have developed programs to assist populations that are particularly vulnerable.
Read some of the latest headlines below:
- US States Confirm Stimulus Checks for 2024
- January Update: The Latest on $2000 and $1400 Stimulus Checks
Here’s a breakdown of what’s happening in these states:
Arizona:
Around 743,000 eligible residents stand to receive up to $750 thanks to Governor Katie Hobbs’ approved rebate, providing $250 for each dependent over 17 listed on tax filings.
California:
Residents can anticipate a one-time tax credit of up to $3,600 this year. Additionally, there’s a “young child tax credit” reaching up to $1,083 for those eligible for the California earned income tax credit and having a child under six.
Colorado:
Eligible single filers might receive $847, while couples filing jointly could get $1,694 through the TABOR refund.
Unlike previous years, this year’s refund is the same for all taxpayers, irrespective of income.
Maryland:
The state is offering a child tax credit of up to $500 per child for families with kids below six or with disabilities.
An estimated 40,000 taxpayers could benefit if their income falls within $15,000 or less.
New Mexico:
Taxpayers could potentially receive a rebate check of up to $1,000 if they filed their 2021 taxes before May 31, 2024, and weren’t claimed as dependents elsewhere.
Singles might receive $500, while couples filing jointly might get $1,000.
These state-driven initiatives highlight a commitment to support residents amid ongoing economic challenges.
Each state’s tailored rebates aim to alleviate financial burdens, providing assistance to individuals and families navigating post-federal stimulus periods.
