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