State Inflation Relief 2023: 5 Updates To Know for February
An unprecedented wave of stimulus payments began going out to American consumers in early 2020 in response to the devastating effects of the coronavirus pandemic. Ultimately, three rounds of so-called “Economic Impact Payments” lasted all the way until March 2021.
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After the federal government was done, some states got in on the act, providing their own benefit payments to state residents. Those programs mostly ended in 2022, although a few lingering payments may still be available. Bear in mind, however, that for the most part the qualification dates for these stimulus checks have passed, with administrative delay creating the lingering payout period.
With all this in mind, here’s a look at the few states that are still issuing some type of economic relief payments as of Feb. 2023.
California authorized inflation relief checks of up to $1,050 in 2022, and most payments have already been distributed. At the time they were announced, the state estimated that about 5% of checks wouldn’t go out until Jan. 15, 2023. However, that deadline has been extended, and some payments won’t be issued until Feb. 14. Those payments are specifically for debit card recipients whose address had changed since they filed their 2020 tax return.
Rebate amounts start at $350 and are based on a combination of income, household size and tax-filing status. Singles earning $250,000 or more and couples earning at least $500,000 are ineligible.
Idaho is one of the few states that still authorized stimulus payments to last into at least Feb. 2023. The state’s 2022 Special Session rebates are planned to be paid out by the end of March 2023. The amount of the rebate is the greater of 10% of a taxpayer’s 2020 income tax liability, $300 for single filers or $600 for joint filers.
The state Tax Commission anticipates sending about 800,000 payments, totaling as much as $500 million.
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The $850 inflation relief checks authorized by Governor Janet Mills’ office were completed in Jan. 2023. However, an additional payment is on the way for state residents.
On top of the $850 inflation relief checks, Maine also authorized $450 payments to help residents cope with heating costs. Those payments were mailed out starting at the end of Jan. 2023, and they will continue until the end of March.
New Jersey is sending out $2 billion in property tax rebates to two million of its residents. The amount of the rebate is income-based, with homeowners earning up to $150,000 qualifying for $1,500 and those earning $150,000 to $250,000 receiving $1,000.
Renters are also entitled to $450, as long as they earn no more than $150,000. Payments are slated to arrive no later than May 2023.
South Carolina began issuing refund checks of up to $800 to qualifying residents in Nov. 2022. Those who filed their tax returns before the Oct. 17 deadline received their payments before the end of 2022, but those who filed after the Oct. 17 deadline — but before Feb. 15, 2023 — will receive their payments in March 2023.
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This article originally appeared on GOBankingRates.com: State Inflation Relief 2023: 5 Updates To Know for February