Inflation Relief: At Least 20 States Offer One-Time Discounts, Tax Credits

Inflation Relief: At Least 20 States Offer One-Time Discounts, Tax Credits

(NewsNation) – Amid painfully high inflation and rising interest rates, at least 20 states are offering one-time tax refunds and tax credits to help residents cope with the rising cost of life.

Americans are experiencing the worst inflation spurt in four decades. In October, rates fell to 7.6% after peaking at 9.1% in June. The annual core inflation rate currently stands at 6.3%, the US Department of Labor recently reported.

Inflation expectations rose sharply in November, according to Moody’s Analytics, and consumer wallets continue to be stretched.

In an effort to help, states are offering tax cuts and rebates.

Here’s a breakdown of what’s offered by the state:

In California, about half of those eligible for California’s middle-class tax rebate have received their money, according to NewsNation affiliate KTLA, citing the state. State inflation relief payments range in size from $200 to $1,050, depending on a person’s income, filing status and dependents. The average payout so far is around $544, KTLA reported.

In Coloradotaxpayers can get between $750 for single filers and $1,500 for joint filers rebate, according to Colorado Cash Back.

The 2022 Delaware The relief reimbursement program allowed for a one-time payment of $300 per adult resident, with couples receiving $600. According to the state, the assistance is intended to promote the general well-being of Delawares emerging from the COVID-19 pandemic and facing higher prices at the grocery store and at the gas pump.

In Georgia, the Department of Revenue announced a refund of income taxes from 2020, as the state experiences a revenue surplus. Single filers and married individuals filing separately could receive a maximum refund of $250. The declaring head of household could receive a maximum reimbursement of $375. Married people filing jointly could receive a maximum refund of $500.

The state of Hawaii passed legislation that provides a refund for resident taxpayers who file their 2021 personal income tax returns by December 31, 2022. The refund amount is $100 or $300 by exemption depending on the federal adjusted gross income of the taxpayer and filing status.

Idaho offers $75 to each taxpayer and dependent, or 12% of the taxpayer’s income tax, depending on the state.

Illinois passed a $1.83 billion relief package that includes various tax refunds. Tax rebates include $50 per person and $100 per child up to three children, for a maximum rebate of $400. Depending on the state, the credits can be claimed up to three years after the original tax return filing deadline.

Eligible taxpayers in Indiana should receive an automatic refund from taxpayers if they filed a tax return for the 2020 tax year postmarked on or before January 3, 2022. The refund includes a payment of $125 to each taxpayer regardless of income in May and another $200 later in the year.

from Maine the refund is for anyone earning less than $100,000, or less than $200,000 for a married couple filing jointly, granting a one-time payment of $850, or $1,700 for couples.

Eligible taxpayers in Massachusetts will receive a credit in the form of a refund of approximately 14% of their personal income tax for 2021. For example, someone who earned $50,000 last year and repaid $2,500 to the state could recover around $350.

from New Jersey reimbursements are based on home ownership or rental. Homeowners earning up to $150,000 will receive $1,500 rebates on their property taxes, while those earning between $150,000 and $250,000 will receive $1,000. Renters who earn up to $150,000 will receive checks for $450.

New Mexico granted a refund to all taxpayers: $500 for single filers and $1,000 for joint filers, heads of families and surviving spouses.

In June, about 3 million New York state property owners began receiving property tax refunds of up to $1,050. New York households recovered an average of $425. Additionally, residents earning less than $75,000 should receive an average of $1,050.

Oregon households received a one-time assistance payment of $600. Residents will automatically receive payment by direct deposit or check with no further action required.

Pennsylvania issued a one-time bonus rebate of up to $975 for people with disabilities, senior homeowners and renters.

The Caroline from the south The Department of Revenue has granted a one-time rebate of up to $800 to eligible taxpayers who filed their return by October 17.

Virginia also approved a one-time rebate of $250 for single filers and $500 for couples for those who filed before November 1.

Some states offer discounts for families with children. Florida, Illinois, Connecticut, Rhode Island, Minnesota and Pennsylvania are among the 12 states that distribute child tax credits.

Tax credits vary in amount by state and are intended to provide financial relief to low-income parents and their children.

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