Some Americans may be struggling financially more than ever when the holiday season gets underway due to soaring inflation.
While it is unlikely that the federal government would issue another stimulus check, some states are providing direct grants to their citizens to assist them to deal with growing prices.
According to a recent study, the majority of Americans are worried about how they'll be able to afford gifts this year as rising prices continue to strain many families' budgets.
Earlier this year, state lawmakers passed a law allowing direct tax return transfers to Colorado. Under the Colorado Cash Back program, individual taxpayers will receive a $750 cheque, while joint filers would receive $1,500. The payments will have already been sent to the majority of residents, but those who requested an extension and submitted their state tax returns by the deadline of October 17 can anticipate receiving their payments on January 31, 2023.
Earlier this year, California approved direct payments of up to $1,050 to assist residents in adjusting to inflation. The Middle-Class Tax Refund program, according to the state's Franchise Tax Board, has now given out more than $5 billion.3. Some winners, though, won't get their money until December or January. According to the government, direct deposit payments for recipients of Golden State Stimulus funds from the previous year have already been made to bank accounts.
Residents of New Jersey who qualify began receiving one-time payments of at least $500 this month. The recipients of the payouts are those who filed state income tax returns for 2021 using an Individual Taxpayer Identification Number but were not eligible for federal stimulus funds.
Every ITIN holder on the tax return will receive a $500 payment from the program, thus a married couple filing jointly who claims two dependents will receive $2,000 if all four of them have ITINs. According to the New Jersey Division of Taxation, payments started to be mailed this month, and residents should get in touch with the organization if they don't get them by Dec. 15.
Brad Little, the governor of Idaho, signed a $500 million income tax rebate into law in September. For full-time residents of Idaho who filed taxes in 2020 and 2021, greater than 10% of the tax paid on their 2020 income or $300 will be reimbursed. Joint filers will receive at least $600.
According to the Idaho Tax Commission, processing of the rebates began in September and will last through early 2022. The commission estimates that every week there will be about 75,000 payments.