[CDATA[>]]> Sign up for ValueWalks free newsletter here. 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. Glen Youngkinn signed the budget this month that will see income tax refunds of up to $250 for individuals and $500 for married couples and eliminates the 1.5% state grocery tax. This bill, called the Stop Gas Price Gouging Tax and Rebate Act, would tax Big Oils excess profits in 2022 and return the revenue back to Americans, DeFazio said in a statement. It plans to spend $9.5 billion on direct payments of up to $1,050. The plan has been added to Senate Bill 194, which deals with the governors involvement in the budget process. Tax filers in Kentucky will get rebates of up to $500 for single filers and $1,000 for joint filers. Not only did the number of new jobless claims increase, but the number of continuing unemployment claims rose by 181,000. Payments are expected to begin in the fall. Giving direct aid, direct payments is far more useful than doing income tax cuts, or gas tax holidays, says Lucy Dadayan, senior research associate at the Urban- Brookings Tax Policy Center. The Kentucky General Assemblys 2022 session is scheduled to end Wednesday. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. 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. Specifically, the Senate approved a $1 billion rebate, while House Bill 8 proposes reducing the income tax rate. Staggering snowfall in California mountains leaves residents trapped for days, SpaceX launches new crew to space station, Prosecution wraps case at Alex Murdaugh murder trial, White House cybersecurity strategy pivots to regulation, Explosive found in checked luggage at Pennsylvania airport, feds say, Rape kits from two women lead to arrest in 1979 murder of one of them, FDA authorizes first at-home test for both COVID and flu, Couple accuses fertility clinic of implanting embryo with cancer genes, Several hospitalized after Lufthansa flight diverted to Dulles due to turbulence, Food costs hit highest inflation level in 40 years, Millions of Americans nearing retirement age with no savings. Its an awesome stress-free way to make your first budget. Both the chambers in Kentucky have come up with different tax plans. The state started sending checks in October 2022 to residents who filed their 2021 Rhode Island tax Get advice on your investment portfolio from a certified professional through Datalign. The state has also decided to cut its vehicle property tax. People may receive compensation for some links to products and services on this website. The first tax rebate ($250 for single filers and $500 for joint filers) went out in July. On the table in the Bluegrass State is a taxpayer rebate program worth $1 billion from the states budget surplus. Copyright 2023 Market Realist. We still don't know.". But her proposal got shot down by the Kansas Legislature.12, In February, Senators in the Bluegrass State proposed a $500 rebate for individual taxpayers to be funded from the states budget surplus. Residents will get back around 14% of the state income taxes they paid in 2021. Americans in some parts of the country are getting extra cash to help offset still-blistering inflation, with at least 21 states and one city offering financial relief to residents grappling with higher food, gas and rent. 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. 5 takeaways from Kentucky Gov. 5 The payments were part of the 2022 Delaware Relief Rebate Program. The boosted credit has already done a good job of helping families make ends meet and lifting children out of poverty, so even if we don't see another stimulus check anytime soon, that doesn't mean aid isn't going out to the people who need it. At this point, more than 2.84 million people are receiving jobless benefits. Updated on: August 17, 2022 / 12:23 PM Market data provided by ICE Data Services. Whereas some states are already distributing inflation relief checks, others are still preparing their stimulus plans. 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. Weve made the point on a number of occasions now that when and whether anyone gets a new stimulus check is largely a function of luck. So, where did those surpluses come from? The Latest News on Student Loan Forgiveness. The plan includes $2 billion in direct property tax reliefwith tax credits of $1,000 or $1,500 paid to homeowners and $450 given to renters. Getting a loan online is easier than ever today, even if you have bad credit. Taxpayers in the Peach State got a one-time tax credit of up to $500 after they filed their 2021 state tax returns.7, In Hawaii, the governor used his State of the State address to bring up the idea of sending out direct payments to taxpayers in the form of tax refunds. McGarvey asked. Two laws were passed in the state providing a rebate and relief payment. About 3 million people should get the check. Wise up with top stories and timely tips Tuesdays and Thursdays. Heres a list of what states are offering. The lawmakers have ended sessions for the year, so it probably wont happen in 2022. Residents earning less than $165,000 may also receive a $1,000 tax rebate. They would get no rebate at all if they paid no taxes. The application period is still open, and payments are set to go out in spring 2023.17And thats on top of the Middle Class Tax Rebate, which gave taxpayers with at least one dependent up to $500.18, In the Land of Enchantment, the governor signed a bill that put a couple of different inflation relief checks into peoples hands. So, whats the deal with inflation stimulus checks, and is your state on the list for dishing one out? There have been three federal stimulus programs since 2020. Another payment will be made later this summer. The state has issued several rounds of inflation relief checks, and the payments continue. Additionally, Gov. This proposal to give a one-time tax rebate is yet to be approved by lawmakers. Payments started going out in September depending on when you filed.26. The whole point of these is to, you guessed it,help combat inflationnotto stimulate the economy like those other checks did. In Illinois direct rebate checks will be given to working families. The state of Minnesota passed legislation giving a one-time payment of $750 to front-line workers. Tom Wolf has suggested a new measure as part of his PA Opportunity Program. Kentucky budget address:5 takeaways from Kentucky Gov. Florida first lady Casey de Santis made the announcement in July. Lets see what all the fuss is about. Two democratic legislators in South Carolina have proposed raising income tax 1% in the top marginal rate in order to fund $400 checks for individuals over 17 years of age every year. However, the elderly, widows and widowers and the disabled could see up to $975 in stimulus payments. Taxpayers got up to $325 per person through either direct deposit or a check.11, Earlier this year, Governor Laura Kelly of Kansas proposed a one-time tax rebate of $250 ($500 for married couples filing jointly). Q4 2021 hedge fund letters, conferences and more. Rep. Peter DeFazio, D-Oregon, has introduced a separate proposal that would offer people a rebate depending on the profit of oil companies. In addition to sending direct payments to residents, some states have suspended certain taxes. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. Rising inflation and gas prices are making it hard for people to meet all their needs. Theres been no decision yet on the proposal, according to the Associated Press. Coloradans 18-years and older who lived in the state for all of 2021 are due tax rebates of $750 for individuals and $1,500 for joint filers by September 30, 2022,accordingto the state's Department of Revenue. Maine: Direct payments could begin to be issued through $850 stimulus checks. ($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. At the federal level also, lawmakers are working on proposals to offer relief to Americans from rising gas prices. You can check the status of your rebate here). Get browser notifications for breaking news, live events, and exclusive reporting. Minnesota is sending $750 in direct payments to frontline workers. Kentucky: A one-time stimulus rebate, up to $500 per state resident and $1,000 per household, is being discussed. What States Are Getting Stimulus Checks in 2022? Who is eligible for stimulus payments from the state in Kentucky? State senators proposed a one-time $200 payment to all licensed drivers in the state. Nearly 18% of applicants were denied and those approved will get an email letting them know on Thursday. The benefits herein include stimulus tax rebates coming for taxpayers; reductions of other state taxes; potential gas rebates; and more. A family with two adults and less than $150,000 in earnings gets $500. People in Idaho will get an email notifying them of their rebate. Youre eligible if you filed a resident tax return for 2020 and 2021. Along these lines, below youll find a list of states that have some form of these benefits either under consideration or already approved. Support strong local journalism by subscribing today at the top of this page. "Is there more coming in a potential tax reform bill? Heres where the next round of payments may be happening. That includes foster parents, caregivers, and families that are receiving money from the Florida Temporary Assistance for Needy Families program. 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. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. There were no federal stimulus checks in 2022, but at least 22 states gave money back to residents -- primarily in the form of income and property tax rebates, child tax credits and direct relief payments. 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. The last federal stimulus check went out in 2021, but individual states are starting to come through with financial help for residents as record inflation continues to affect many Americans bottom lines and budgets. You can check the status of your return here. 2022 CBS Interactive Inc. All Rights Reserved. Indiana residents who filed their 2020 and 2021 tax returns are due a total of $325 by direct deposit or check. 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. Andy Beshear's 2022 budget address to the legislature. Financial experts and economists see a dangerous storm brewing thanks to a volatile combination of high inflation, rising interest rates and supply-chain issues.