Federal and state legislation could provide rebates, stimulus checks, and other financial relief to households struggling to make ends meet due to the highest inflation rate in 40 years
Unlike previous stimulus programs, most of the packages being approved or considered target specific groups rather than the general population, Forbes reported.
“Plans focused on specific sectors or groups, such as gas cards or disbursements based on income thresholds, in theory, could help ease the pain caused by prices of specific goods or services…without putting as much pressure on prices more broadly,” Andrew Patterson, senior international economist at Vanguard, told Forbes.
The Gas Rebate Act of 2022 was recently introduced by a group of House members: Reps. Mike Thompson (D-Calif.), John Larson (D-Conn.) and Lauren Underwood (D-Ill.). Under the bill, eligible taxpayers would receive a $100 rebate every month and an additional $100 per dependent.
According to this proposal, full payments would be given to married couples filing jointly who earn up to $150,000 annually and single filers who earn up to $75,000. The amount would be reduced for higher-income earners. The legislation must pass Congress, which might be a challenge as many lawmakers prefer to end COVID-era stimulus payments.
According to Yahoo, the following proposals have already been approved by state legislatures:
- Idaho: Last month, Governor Brad Little signed a bill granting tax rebates to residents in the amount of $350 million. All Idaho residents who filed tax returns for 2020 and 2021 as well as Idaho residents who filed for grocery credit refunds will receive payments.
- Georgia: Tax refunds will be distributed based on the filing status of residents who have filed their 2021 and 2022 tax returns. A single filer can receive $250 in rebates and a joint filer can receive $500.
- Indiana: After filing their taxes for 2021, Indiana taxpayers will receive a one-time refund of $125.
- New Jersey: Last fall, Gov. Phil Murphy and state lawmakers approved a proposal to send up to $500 rebates to nearly 1 million households.
Taxpayers who file using a taxpayer identification number instead of their Social Security number are also eligible for a $500 rebate.
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New Mexico: Earlier this month, Governor Michelle Lujan Grisham signed legislation to provide New Mexico taxpayers with a $250 rebate. A $500 rebate will be given to married couples filing jointly. The threshold is $75,000 for single taxpayers, and $150,000 for married taxpayers filing jointly.
Below you will find a list of other states that have legislation pending.
- California: Governor Gavin Newsom proposed offering residents rebates amounting to $9 billion. Vehicle registration would determine eligibility rather than tax returns and income.
- Hawaii: Gov. David Ige plans to send all Hawaii taxpayers a $100 tax rebate plus $100 for each dependent.
- Kentucky: The Kentucky Senate passed a bill to rebate taxpayers $1 billion. In the event that the measure becomes law, the state will provide a $500 rebate to eligible individuals and up to $1,000 to eligible households.
- Maine: Governor Mills proposes sending residents a one-time rebate check for $850. If approved, checks can be sent in June.
- Minnesota: Gov. Tim Walz has proposed sending taxpayers $500 tax rebate checks. But lawmakers are divided over who should receive them.
- New York: Property owners outside of New York City would receive an average rebate of $970 under Gov. Kathy Hochul’s budget proposal, while New York City owners would receive an average rebate of $425.