The federal government may not be able to provide new stimulus checks until 2022, but some states are making payments to households to help them cope with the recent spike in utility and gas prices.
Will New Yorkers see some relief, whether in the form of tax rebates or stimulus checks?
So far, stimulus and rebate check programs have been approved in five states: Idaho, Georgia, Indiana, New Jersey, and New Mexico.
All six of the states mentioned above are currently considering tax rebates as a form of stimulus.
In order to help New York’s families, the state government is offering financial aid.
A one-time stimulus payment and the Child Tax Credit are currently available to help struggling New Yorkers, including families.
New York State has received $64 million from the federal government to help struggling families with diaper costs, food costs for families with both children and older adults, and housing and relocation assistance for domestic violence survivors.
Children under the age of 6 and those aged 6 to 17 who are eligible for the Child Tax Credit will each receive a monthly payment of up to $300, and those aged 6 to 17 will receive a monthly payment of up to $250. In 2021, residents will be able to deduct the remaining half of the cost.
The credit can be claimed as a one-time payment on a family’s 2021 tax return if they choose not to receive it in monthly installments.
NEIGHBORHOOD TAX REBATE OPPORTUNITY.
The state budget for the fiscal year 2023 is still outstanding for New Yorkers.
Governor Kathy Hochul proposed a $1 billion property tax rebate earlier this year in her FY 2023 budget proposal to help New Yorkers cope with the rising cost of living and the ongoing pandemic. Low- and middle-income families receive more money from the program than the elderly and the poor.
IMMIGRANT WORKERS NEED HELP FROM ADVOCATES.
Immigrant workers and community allies in NYC have been urging Gov. Kathy Hochul and state legislators to increase the Excluded Workers Fund (EWF) by $3 billion in order to assist those workers who are unable to access government pandemic relief resources over the past several months.
Last year, the EWF was launched to help New York immigrant workers who are excluded from federal and state emergency relief, including unemployment insurance and stimulus payments. For a total of $15,000, EWF made a one-time contribution.
In spite of this, the funds were depleted much earlier than anticipated. The $2.1 billion statewide funds ran out of money two months after it was made available.
Tax Holidays for Gas
Some states have suspended their gas taxes in response to the surging cost of gasoline.
According to Forbes, Connecticut, Georgia, and Maryland have all approved a short-term suspension of their state gas taxes.
Also considering whether to grant state gas tax holidays are the states of Ohio, New York, New Jersey, and West Virginia.
State governments are considering slashing other taxes in order to balance the budget.
Gas tax suspensions and other options are also being considered in Pennsylvania and Virginia. Forbes reported that the state of Pennsylvania has proposed legislation to assist families with costs such as child care.
Kansas is considering cutting its high grocery tax to offset recent inflation costs, which Virginia is considering as an option.