Stimulus Checks: These 2 States Are Getting More Than $1,000 in April

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The federal government issued the last stimulus checks in response to the pandemic in March 2021. But a few states are still giving residents financial assistance in 2023. In fact, some taxpayers in Alaska and New Jersey will receive more than $1,000 this spring.

Here are the program highlights:

Alaska: Permanent Fund Dividend

For the past 41 years, the Alaskan government has shared investment income from oil revenues with state residents through the Permanent Fund Dividend program. This year, the payout per approved applicant will be $3,284, which is a larger amount than usual due to an included $662.19 energy relief benefit. The energy-relief portion of the payout is nontaxable.

Alaskans must apply for the payment by March 31. Eligibility requirements include but aren’t limited to being a state resident and avoiding incarceration for the full calendar year.

The next payout dates are April 20 and May 18. Benefits will be disbursed based on when an application is received and processed.

New Jersey: ANCHOR Property Tax Relief

The ANCHOR Property Tax Relief program, which is replacing the Homestead Benefit, was created to offset years of property tax hikes. To be eligible, applicants must have owned or rented their primary residence on Oct. 19, 2019, and must file or be exempt from New Jersey state income taxes. 

Make Your Money Work for You

They must also meet these annual income requirements:

  • Homeowners: Up to $150,000 will receive $1,500, and between $150,000 and $250,000 will receive $1,000
  • Renters: Up to $150,000 will receive $450

Renters normally get excluded from these types of relief programs. Payments issued to renters are intended to defray the significant increase in housing costs.

The application window for the program closed on Feb. 28. Payments will be issued to qualifying residents through May in the form of a check or direct deposit and are not subject to federal or state income tax.

What To Do With a Windfall

If you receive cash from a stimulus payment — or a tax refund, inheritance, work bonus or other source — you should use the funds strategically. GOBankingRates recently offered suggestions for the best ways to invest your windfall:

  • Add funds to your emergency fund or investment accounts.
  • Take a class to gain marketable and profitable skills.
  • Launch a business or side hustle.
  • Pay off high-interest debt.

Take Our Poll: What Do You Plan To Use Your Tax Refund For?
I’m a Self-Made Millionaire: 6 Investments To Make During an Economic Downturn

Make Your Money Work for You

While it may be tempting to use your newfound wealth to buy something fun or extravagant, your future self will thank you for using all (or most) of this money to strengthen your finances.

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About the Author

Laura has been a freelance writer since 2018. Her work primarily focuses on managing your money, navigating your career, and running a successful business. She earned her MBA and a Bachelor's degree in Psychology during her previous career in human resources. She is also a business coach to new and aspiring freelancers and runs an online resource hub for them called Before You Go Freelance. In addition, she helps other writers get clear on their message, plan their content, and produce compelling written works.
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