Stimulus Check Updates To Know for July 2022
Despite all the talk about a fourth round of federal stimulus payments, summer is here and the check is still not in the mail. Lawmakers have proposed several plans to help America cope with inflation — high gas prices, specifically — but none have come to fruition so far.
Any federal action faces a tough road through a divided Congress. That doesn’t mean help isn’t on the way, but it all depends on where you live.
Some states aren’t waiting for a consensus from Washington, D.C., and are instead taking the initiative to make payments to their residents when they need it most: Right now.
Federal Fuel Rebate? Gas Tax Holiday? Don’t Hold Your Breath
Democratic lawmakers proposed giving qualifying taxpayers and their dependents $100 per month as part of the Gas Rebate Act of 2022 back in March. The bill remains stalled in the earliest committee stages.
In June, President Biden called for a three-month gas tax holiday, which would remove the 18-cent surcharge that the federal government places on a gallon of gasoline.
Newsweek takes the president’s stance as an indication that “some financial relief could soon come for Americans grappling with soaring prices at the pump.”
But, according to CNN, it’s implausible that a gas-tax holiday would ever make it through Congress — and the states are balking at Biden’s request for them to pause their own gas taxes, too.
According to Politico, state leaders in the president’s own party see little upside to sacrificing a significant source of revenue for nominal savings at the pump.
Although the states are unlikely to suspend their gas taxes, several are taking other measures to provide relief as prices rise and federal measures idle endlessly. Here’s the latest news on stimulus in the states.
The biggest state stimulus news is coming out of California, where Gov. Gavin Newsom approved a plan to distribute payments of up to $1,050 for millions of Golden State residents. The stimulus money is meant to offset the cost of gas, a gallon of which now costs $6.30 in California on average, according to AAA. That’s the highest in the nation by 70 cents. Lawmakers will pay for the program by dipping into California’s record-setting $97 billion budget surplus, according to Newsweek.
Colorado residents had been expecting payments of $400 or $800, depending on their filing status; but, thanks to higher state revenues, they’ll be getting even more. In June, officials announced that individual filers will now get $750 and joint filers will receive $1,500. Payments will go out in late August.
Eligible Georgia residents started receiving rebate payments of $250 to $500 in May. The amount paid is based on your filing status, but even partial-year residents can receive reduced payments. Those who filed their taxes by April 18 will receive their payments by early August.
Officials in Hawaii gave the green light for payments of $300 to residents with annual incomes up to $100,000 and their dependents — that’s $1,200 for a family of four. Hawaiians with incomes of $100,000 or more can still receive as much as $100. Payments will begin in late August.
Eligible Idaho residents can look forward to payments of either $75 or 12% of their 2020 state taxes as part of a state rebate program lawmakers approved in February. Payments began the very next month in March and will continue throughout the year.
Indiana lawmakers approved a one-time payment of $125 for qualifying taxpayers and $250 for joint filers. The first payments went out in May and are expected to continue throughout the summer. The state expects that nearly all eligible residents will receive payments by Sept. 1.
In Maine, about 858,000 residents are set to receive one of the country’s biggest stimulus payments: $850 per eligible Mainer. The state began processing the first round of checks in June and will distribute the remaining payments on a rolling basis throughout the year. You must file taxes by Oct. 31 to be eligible.
Qualifying frontline workers in Minnesota will receive special stimulus payments worth up to $750. The state is accepting applications through July 22.
Nearly 1 million Garden State residents got a one-time payment of up to $500 in 2021. In June of this year, the governor announced a $2 billion property tax relief bill that will deliver more than 2 million stimulus rebates. More than 870,000 homeowners with incomes under $150,000 will receive a $1,500 property tax credit and another 290,000-plus who earn up to $250,000 will receive $1,000. There’s even relief for 900,000 renters earning up to $150,000 — they’ll get $450.
In New Mexico, 1.1 million eligible residents will receive up to $1,500 in rebates and direct aid. The first round of payments began in May. The second round of checks went out in June and the rest are scheduled for July and August.
More From GOBankingRates