After hitting a high of 9.1% in June, it dropped to 8.5 per cent last month. This is a good sign that the Federal Reserve’s efforts to slow the rise of prices may be working. The cost of living keeps going up, and millions of Americans still have trouble making ends meet.
Several states, including Delaware, Florida, Georgia, Hawaii, Indiana, Minnesota, and New Mexico, have already started giving direct payments to help people whose household budgets have been hurt by rising food, gas, and housing prices. It’s getting ready to be done by others.
Millions of households in California will get direct payments in the form of a tax return of up to $1,050. This is called the “Middle-Class Tax Refund.” State officials say that 23 million people should be able to get the checks, which will be sent between October 2022 and January 2023. Only people who lived in California for at least six months during the 2020 tax year or who are still living there are eligible for the payout.
On May 23, Colorado Governor Jared Polis signed into law “Colorado Cash Back,” a one-time tax rebate of $750 for single filers and $1,500 for married couples who file jointly. He said that his government was doing everything it could to get the money to Coloradans this summer instead of in the spring of 2023.
A press release on the website of the State of Illinois says that checks will be sent to the estimated 6.2 million taxpayers who are eligible during the week of September 12. It will take about eight weeks to get everything out.
Local media say that the State Auditor will decide by Sept. 20 if the state can give tax credits. If it can, the payments will be made before the end of the month.
To be eligible for the one-time payment, you must have turned in your individual tax return by October 17. After October 17, the amount of the payment will depend on how much money the person makes. The South Carolina Department of Revenue’s website says that payments will be made before the end of the year. Checks will be sent out in November and December.
Taxpayers in Virginia who had a tax liability for the previous year (the total amount of tax they owed for the year minus any credits) may be eligible for a tax rebate of $250 for single filers and $500 for joint filers. If you filed your taxes by July 1 and meet the requirements for a refund, you can expect to get it by October 31. To get the reimbursement, you must send in your tax return by November 1.