Several states are providing financial relief to their residents, such as tax rebates, one-time direct payments, and inflation relief. As of the end of the year, five states have already sent out payments.
California
Inflation checks started to arrive in October for millions of residents. By the end of the year, almost all of them should have received their checks.
Residents who are eligible for the payments will be given a payment based on their household size, income, and tax-filing status. For couples with children, the maximum amount they can receive is $1,050.
Individuals making up to $75,000 and couples filing jointly can expect to receive around $750. On the other hand, individuals making up to $125,000 and couples filing jointly can expect to receive around $600.
Illinois
Families in Illinois can receive up to $300 for a four-member household, with single filers getting $50 and individuals getting $100 per dependent.
The state's rebate legislation is part of the state's overall $1.83 billion relief package. It includes property and income tax rebates that were sent out this month. It also temporarily lowers the multiple sales taxes from July 2022 to June 30, 2023.
Massachusetts
Unlike other states, Massachusetts does not have a rebate payment index. Although the executive office of the state confirmed that the taxpayers would receive over $3 billion in refunds, it noted that the new refunds would only be 14% of the total tax bill for 2021. This is an increase from the previous year, when the state only issued a single rebate. In addition, the state also sent out $500 checks to low-income individuals.
Pennsylvania
In Pennsylvania, residents who were approved for a property tax rebate in 2021 will receive a one-time bonus payment later this year, the state's Department of Revenue announced on its website. It noted that the additional payment would be equivalent to around 70% of the original rebate. For non-homeowners, the department noted that the additional payment would be $455 and $682.50, respectively.
The deadline for residents to apply for the rebates was extended to December 31. They no longer have to fill out an additional form for the bonus payment.
South Carolina
In South Carolina, the payments are being sent out a little later than usual. Residents can expect to receive their refunds in late November or December.
Individuals who filed their taxes in the state can receive a maximum of $800 if they have a tax liability of at least $3,000. They can file their applications before the extension deadline of October 17, 2023, or before February 15, 2023.
The preceding is a summary of an article that originally appeared on Washington Examiner.
