By Aman Jain. Originally published at ValueWalk.
Inflation in the U.S. continues to make new highs, thanks primarily to the rising gas prices. Several states, however, have come up with inflation stimulus checks to help residents offset the rising prices. Let’s take a look at the states giving out inflation stimulus checks or working on giving these payments to their residents.
States Giving Inflation Stimulus Checks
Several states have already passed legislation to give out inflation stimulus checks. Idaho has passed a $350 million bill to give tax rebates to state residents. The tax rebate would go to residents who filed their tax returns for 2020 and 2021 and are full-time Idaho residents.
Q4 2021 hedge fund letters, conferences and more
Eligible residents would get $75, or 12% of the Idaho state taxes for 2020, whichever is larger. These rebates started going out at the end of March.
Georgia is also giving a rebate to residents who filed taxes for both 2021 and 2022. Individual filers would get a tax rebate of $250, head of households will get $375, while married filing jointly will get $500.
Georgians who filed their tax return after the legislation was signed would get the rebate through the mail. For those who haven’t yet filed the return, the rebate would be added to their tax refund.
Indiana is also giving taxpayers a one-time payment of $125. The state will use the budget surplus to send this payment to those who filed their 2021 taxes.
About a million families in New Jersey will also be getting up to $500 in a one-time check. Gov. Phil Murphy approved legislation to send up to $500 to those who filed their tax return using a taxpayer identification number and not a Social Security number.
New Mexico signed legislation last month to give a one-time tax rebate of $250 to single filers ($500 for married couples). To be eligible for the one-time payment, the taxpayer’s income must be less than $75,000 (less than $150,000 for married filing jointly).
States Planning To Give Stimulus Checks
Apart from the states that have already passed legislation, many states are still working on giving inflation stimulus checks. California Gov. Gavin Newsom recently announced a plan to send a direct payment of $400 per vehicle, for a maximum of two vehicles. Once approved, this stimulus payment would start going out in July.
In January, Hawaii Gov. David Ige proposed sending $100 to each taxpayer and their dependents. Similarly, Maine Gov. Mills also plans to send $850 to most of their residents. Minnesota Gov. Tim Walz also announced a plan to use the state’s budget surplus to give $1,000 income tax rebate checks per couple.
New York Gov. Kathy Hochul has also proposed a $1 billion property-tax rebate program, while Virginia lawmakers are working on providing tax relief in the form of a rebate check. As per the reports, Virginia lawmakers plan to send $250 or $300 to each individual, and $500 or $600 to married couples.
Updated on
Sign up for ValueWalk’s free newsletter here.
