State officials say about 59,000 families should be getting checksfor $450 for each child provided they met the criteria to be eligible by July 1. What States Are Getting Stimulus Checks in 2022? Tom Wolf has suggested a new measure as part of his PA Opportunity Program. Eligible Americans got up to $1,200 to help cope with the high unemployment rate and fallout of the coronavirus hitting the U.S. "Is there more coming in a potential tax reform bill? A group of senators in Washington, DC, have come up with a proposal to give energy relief checks to Americans. Sen. Chris McDaniel, R-Taylor Mill, the chairman of the committee and chief sponsor of SB 194, said the intent of the legislation was to address the recent spike in "crushing" inflation. The Senate has proposed a one-time tax rebate, This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Do not buy or sell based on anything that is written here, the risk of loss in trading is great. 5 takeaways from Kentucky Gov. All rights reserved. The Senates proposal of a one-time tax rebate of $500, if approved, would go to individual tax filers. Along with the proposal to give a tax rebate to Kentuckians, the lawmakers will also be deciding the fate of many other proposals, including sports betting, medicinal marijuana and charter schools. Under Senate Bill 194, individual tax filers from 2020 would receive a $500 rebate and joint filers would receive a $1,000 rebate unless those individuals paid less than that amount in state taxes. A substantial 2022 budget surplus is also the focal point of a new bill in North Carolina that would put the money back in residents pockets. For the week ending Sept. 18, there were 351,000 new jobless claims filed. There have been three federal stimulus programs since 2020. A family with two adults and less than $150,000 in earnings gets $500. Residents in New Jersey with at least one dependent child and a tax balance of $1 or more will get up to a $500, known as the Middle Class Rebate. On the table in the Bluegrass State is a taxpayer rebate program worth $1 billion from the states budget surplus. All rights reserved. With nearly $2 billion of projected surplus in the current fiscal year, leadership of the Republican supermajority had already signaled their intent to leave much of this unspent in their two-year budget proposal, instead directing this towardtax cuts or relief. The program targets households with an annual income below $500,000. Beshear spokeswoman Crystal Staleysaid the governor "will carefully review any proposal," but had not yet received a copy of SB 194. To be eligible for the payment, residents must file a tax return by the end of October 2022. Refunds of up to $500 are being mailed to taxpayers who filed their returns by the April 18 deadline due to a state revenue surplus, according to the state's revenue department. Gov. Another payment will be made later this summer. The two-year budget bill passed by the House in January left nearly that same amount unspent, with Republican Senate President Robert Stivers saying "with all this tax money that we're sitting here holding, why are we not thinking about giving everybody a pay raise by giving them a tax cut?". This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. The House bill also calls for additional rate reductions to zero if the state hits revenue goals going forward. On the one hand, the economic situation seems to have declined in recent weeks. Ky. taxpayers would receive $500 under proposed tax rebate plan. There are plans to get send an additional $225 to residents, which would result in a total of $350 in relief for a single adult and $700 for a couple. California is among the states about to send relief checks to residents. It would offer a one-time payment of $2,000 to households that bring in $80,000 or less annually in order to help with childcare costs and basic needs like groceries, according to a statement on the official website of the governor. You can check the status of your rebate here. Single taxpayers received $250 in May 2022, with heads of households getting $375 and married couples filing jointly netting $500. Senator Chris McDaniel, R-Taylor Mill, says if this bill passes, each single working taxpayer will receive $500 in the form of a tax rebate that could be paid out later this year. While a proposed federal gas tax holiday also didnt get a vote, several states decided to have their own gas tax holidays. First published on August 15, 2022 / 6:28 PM. The Ascent does not cover all offers on the market. The whole point of these is to, you guessed it,help combat inflationnotto stimulate the economy like those other checks did. We guide our loyal readers to some of the best products, latest trends, and most engaging stories with non-stop coverage, available across all major news platforms. The standard benefit is $650. An estimated 858,000 taxpayers got inflation relief checks.14, Massachusetts scrapped a plan to give residents one-time stimulus payments of $250 per person ($500 for married taxpayers) to help them pay for high gas prices and deal with inflation. Questions and Answers about the Third-round Economic Impact Payment Background If you didn't get the full amount of the third-round Economic Impact Payment, you may be eligible to claim the 2021 Recovery Rebate Credit and must file a 2021 tax return even if you don't usually file taxes - to claim it. Another issue driving some of this activity is the fact that states got billions of dollars in aid from the federal government during the Covid pandemic. And while the Federal Reserve is doing what it can to control inflation, its moves could be pushing the country closer to a recession. The Kentucky General Assemblys 2022 session is scheduled to end Wednesday. FRANKFORT, Ky. (AP) The Kentucky Senate passed a bill Monday that would tap into the state's massive revenue surpluses to deliver more than $1 billion in income tax rebates to taxpayers. The money comes from the states surplus of $729.3 million. One proposal suggests $1,000 for homeowners who paid property tax and $1,250 for residents who paid state income taxes. ($25k for $160/mo), 4 Reasons You Should Switch To This Travel Credit Card, 22 Side Gigs That Can Make You Richer Than a Full-Time Job, 13 states are currently offering stimulus money to constituents. Residents who file tax returns by October 17, 2022, can expect rebates of up to $800, with checks expected to be delivered in November and December, say South Carolina revenue officials. In places like Maine, the state is putting overhalfof the budget surplus back in the pockets of the taxpayers.27. What does this keep out of the budget, potentially? Several states are working on proposals to help residents offset the impact of inflation. Bill 1302 was signed into law in March. The Division of Taxation in New Jersey will begin mailing checks on July 2. That's a jump from the 335,000 claims filed the week before, and it's also a much higher number than the 320,000 new claims economists were anticipating. Florida first lady Casey de Santis made the announcement in July. Fortunately, a number of states are distributing stimulus checks to low-income residents as an inflation relief measure. Are you confident in your retirement savings? Would love your thoughts, please comment. The proposed plan would see people who earn less than $165,000 get $1,000 and couples earning less than $275,00 would get $2,000. With inflation at its highest rate in about 40 years, its no surprise states are trying to dosomethingto help battle the insane prices these days. Payments are expected to begin in the fall. Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management, says stimulus spending goes further than helping the taxpayer, it can be a preventative measure for states. Heres acrazyideainstead of hoping for Uncle Sam to swoop in and save the day with an inflation stimulus check, give yourself a raise to tackle inflation. The assistance targets low-income households, and the check amounts vary by state. Whereas the federal stimulus checks, including 2021s six monthly child tax credit payments, were broad-based and sent out to tens of millions of Americans, those are a thing of the past from the federal government now. The checks are mostly funded by budget surplus, which stands in the billions for some states. Kentucky budget address:5 takeaways from Kentucky Gov. Another proposal, called the Gas Rebate Act, would offer a monthly energy rebate of $100 per person. Some experts say the first three rounds of stimulus checks contributed to that rise in inflation. And given recent data on the unemployment front, that puts a lot of people in a pretty precarious situation. In Illinois, for instance, sales tax on groceries has been suspended through June 2023, and California has temporarily halted its diesel sales tax. This new tax rate, if approved, would be effective January 1, 2023. Single filers will have had a federal adjusted gross income of less than $100,000, $150,000 if filing as head of household or Kentucky is the latest state to join this growing list, and a stimulus check from Kentucky could give residents a one-time tax rebate worth $500. This proposal to give a one-time tax rebate is yet to be approved by lawmakers. Stimulus Check From Kentucky: What Is It? Both the chambers in Kentucky have come up with different tax plans. Labor leaders and House Democrats held a press conference later in the afternoon calling on Republicans to adopt Beshears hero pay proposal from his budget planspending $400 million offederal COVID-19 funds on bonuses for essential workers in the fields of child care, transportation, sanitation, grocery, public health and safety employed through two years of the pandemic. If you purchase an independently reviewed product or service through a link on our website, BGR may receive an affiliate commission. It will cost the state a total of $460 million but it wasnt finalized before the legislative session ended. The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. We came to an agreement on that with the house last week, Sen. Damon Thayer, R-Georgetown said. 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