Federal stimulus payments sent to U.S. households in the wake of the COVID-19 pandemic have ended, but some states are still offering financial relief in the form of one-time payments, tax rebates, tax credits, wealth-sharing funds, and state income tax cuts.
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In some cases, you may get financial relief totaling hundreds of dollars, while in other cases, you may just see a larger refund at tax time.
Here’s a look at several state stimulus and tax relief programs that could put more money in your pocket.
Alaska permanent fund dividend
This dividend is paid to Alaska residents from investment income from mineral royalties. The annual payment allows Alaska residents to share in a portion of the state’s mineral income in the form of a dividend for the benefit of current and future generations. Upcoming payments for some residents will be split on June 15, 2023 and July 20, 2023. Click this link for more information.
Tax refunds for the middle class in California
Under this program, eligible households receive at least $200 and as much as $1,050, depending on their California-adjusted gross income, filing status and whether they are dependents, according to the State of California Franchise Tax Board. Most MCTR payments have been made, although payments that require additional review are still being processed. If you believe you are eligible for a payment and have not yet received it, please call the customer support number listed in the contact information section.
Montana tax credits
Montana Governor Greg Gianforte signed three state House bills into law to provide tax credits to eligible Montana taxpayers. House Bill 192 offers a discount for individual income taxes paid in tax years 2021. House Bills 222 and 816 offer a discount for property taxes paid in tax years 2022 and 2023. Visit the Business & Income Tax Division site for more information.
Tax relief in New Mexico
Earlier this year, New Mexico Governor Michelle Lujan Grisham and the state legislature approved rebates for New Mexico taxpayers, as well as economic aid payments to New Mexico residents who do not have to file taxes. Payments include a $1,000 refundable income tax credit for married couples filing joint returns, heads of household and surviving spouses; and $500 for single applicants and married individuals filing separately.
The rebates are automatically sent to New Mexico residents who have filed a 2021 income tax return and have not been declared dependent on another taxpayer’s return. Eligible residents have until May 31, 2024 to file the return for 2021 if they have not already done so. Visit this website of the Tax and Customs Administration for more information.
Washington state tax credit for employees
Eligible individuals and families can get back up to $1,200 if they meet certain eligibility requirements. You can request the credit through December 31, 2023. You will need a copy of your federal tax return, your social security number or individual tax identification number, your address, and personal information such as your date of birth, among other things. , name of husband and children. For more information, visit the Washington Department of Revenue website.
Other state programs
As previously reported by GOBankingRates, here’s a look at other state incentive programs where most of the payments have already been made, but you can still receive a payment if you haven’t already:
Tax credits in Idaho: Idaho sent out tax refunds and “Special Session Rebates” in March and September 2022. Those payments are completed for residents who file their tax returns on time. However, for those who received renewals or applied later, discounts will be processed through Summer 2023.
Illinois Income Tax Rebate and/or Property Tax Rebate: October 17, 2022 was the last date you could apply for these discounts and most payments have been sent. However, the state comptroller has indicated that the payments will continue until they are all spent.
Maine Winter Energy Relief Payment: Payments started in January 2023 and are mostly complete. However, if you qualify for a payment but haven’t received one, you have until June 30 to contact the state’s tax advisor to prove your eligibility. Those who are approved can get a discount until September 30, 2023.
Massachusetts tax refunds: Massachusetts began paying state tax refunds in November 2022, and those payments are essentially over. However, late filers have until September 15, 2023 to file their return and still qualify for the discount.
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State income tax is falling
Taxpayers in 22 states will pay lower income taxes this year and next than in previous years, according to the Tax Foundation. Here are the states that have temporarily or permanently reduced the top marginal tax rate: Arizona, Arkansas, Colorado, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Utah, and West Virginia.
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This article originally appeared on GOBankingRates.com: Stimulus Checks and Rebates in Every State – Is $1,200 Coming Your Way in 2023?
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