As the effects of the coronavirus pandemic continue to linger, many states are offering inflation relief to their residents to help alleviate financial stress.
Here are updates to know for February 2023:
According to The State of California Franchise Tax Board, the bulk of MCTR payments have already been given out, while payments still needing further examination are still being processed. Weekly updates on the data will not continue as there will not be a significant increase in the overall volume. California authorized inflation relief checks of up to $1,050 in 2022, with most payments already distributed. However, a small portion of payments, specifically for debit card recipients whose address has changed since they filed their 2020 tax return, may still be issued until February 14, 2023. The starting point for the rebates is $350, calculated based on the combination of factors such as income, household size, and tax filing status. The next update is scheduled for February 22, 2023.
Idaho is one of the few states still issuing stimulus payments into at least February 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 greater than 10% of a taxpayer’s 2020 income tax liability or $300 for single filers and $600 for joint filers. The Idaho State Tax Commission anticipates sending about 800,000 payments, totaling up to $500 million.
The $850 inflation relief checks authorized by Governor Janet Mills’ office were completed in January 2023, but an additional payment of $450 to help residents with heating costs is on the way. These payments were mailed out starting at the end of January 2023 and will continue until the end of March. You can request assistance using their website.
4. New Jersey
New Jersey distributes $2 billion in income-based property tax rebates to 2 million residents; a maximum rebate of $1,500 for homeowners earning up to $150,000, $1,000 for that earning between $150,000 and $250,000, and $450 for renters with income below $150,000. Payments are due by May 2023.
5. South Carolina
South Carolina began issuing refund checks of up to $800 to qualifying residents in November 2022. Those who submitted their tax returns before the October 17 deadline received their refunds before the end of 2022, while those who filed after October 17 but before February 15, 2023, will receive their payments in March 2023.
According to AS, stimulus checks are still sent in some states as a part of their inflation relief programs. These state inflation relief programs aim to provide financial assistance to residents struggling during the pandemic. It’s important to stay informed about the latest updates and eligibility requirements for each state’s program to ensure you receive the support you need.
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