By Aman Jain. Originally published at ValueWalk.
Federal stimulus checks aren’t coming, but states are continuing to send targeted relief. At least two states will be sending stimulus checks in June to eligible residents. These two states are Maine and New Mexico, and they are primarily sending stimulus checks to help residents offset some of the impacts of inflation.
Maine Residents To Get Stimulus Checks In June
An estimated 858,000 people in Maine will get relief checks of $850 (Couples filing jointly will get $1,700). To be eligible for the stimulus checks, individuals must have filed their income tax returns by October 31. Moreover, they must not be claimed as a dependent by someone else on their tax return.
According to the governor’s office, the money will go to the residents “grappling with the increased costs as a result of pandemic-driven inflation.”
Also, tax filers need to be full-time Maine residents and have a federal adjusted gross income (FAGI) of less than $100,000 for single filers (or married and filing separately), or $150,000 for those filing as head of household, or $200,000 for couples filing jointly.
The first round of payments is to be mailed out as early as next month. The payments will continue to roll out through the end of the year as taxpayers file their returns. For more details on the stimulus checks, including eligibility requirements, visit Maine.gov/reliefchecks.
Sending stimulus checks will cost the state about $729 million, and it is part of the $1.2 billion supplemental budget that Governor Janet Mills signed into law in April. Recipients will be free to spend the money on anything they want.
New Mexico Also Sending Payments In June
New Mexico will also be sending out payments next month. The state Legislature has approved tax rebates of up to $500 for single filers (and married individuals filing separately), and $1,000 for joint filers, heads of households and surviving spouses.
Eligible single filers will get a payment of $250 each in June and August, while joint filers will receive $500 each month. These payments will be sent automatically to the taxpayers who have filed their 2021 returns by May 31.
New Mexico also approved a tax rebate that will send $250 ($500 for joint filers) to taxpayers with income less than $75,000 annually (under $150,000 for joint filers). This rebate will go out in July and will be sent automatically to the taxpayers who filed a 2021 state return.
“This summer we’ll be returning hundreds of millions of dollars in relief to families around New Mexico, protecting their paychecks and helping them cope with the rising prices of gas, groceries and other household expenses,” Governor Michelle Lujan Grisham said in a statement.
If we consider both of the tax rebates, a taxpayer with an annual income of less than $75,000 could qualify for $750.
Sign up for ValueWalk’s free newsletter here.