Stimulus updates to know for Fall 2022


Stack of 100 dollar bills with illustrative coronavirus stimulus payment check to show the virus stimulus payment to Americans.

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In recent years, millions of Americans have received stimulus measures to help with the economic downturn caused by the coronavirus pandemic. With prices soaring for everything from eggs to gas, and about six million unemployed workers in the United States, people are wondering if some kind of stimulus plan is in the works to help them survive.

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Good news: Several states have incentive packages for their residents. Read on to find out if your state is one of them and how to apply for benefits.

California

You can get a tax refund of up to $1,050 through the middle class tax refund. Use the IRS tool to determine your income eligibility and estimated repayment amount. Other requirements to receive the benefit include that you have lived or resided in the state for at least six months in the 2020 tax year at the time the check is issued; have submitted your 2020 tax return before October 15, 2021; and are not dependents in the 2020 tax year.

Payments will be made via automatic deposit or debit card between October 2022 and January 2023 and the amount is dependent on income. The first people to receive the payments are those who have received the Golden State Stimulus payments.

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Colorado

The Colorado Cash Back Program is in full swing. Get a $750 tax refund for individual filers and $1,500 for married couples filing jointly. To receive the discount, Colorado residents must be at least 18 on or before December 31, 2022, be a Colorado resident for the entire 2021 income tax year, and have filed an income tax return for the 2021 income tax year or applied for a real estate discount withholding tax/rent/heat credit (PTC) before 30 June 2022.

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You should receive your payment by September 30, or if you have applied for a tax deferral, you will receive your money by January 31, 2023.

Illinois

As part of the state’s Family Relief Plan, Illinois residents can receive $50 for individual applicants who earned less than $200,000 in 2021 and $100 for joint applicants with incomes less than $400,000. If you claimed dependents last year, you are also eligible for a $100 credit per child, with a limit of three child credits per household. The checks went out on September 12, but distribution could take up to eight weeks.

The Family Relief Plan also includes several tax-free days and discounts, including the elimination of sales tax on groceries until June 30, 2023.

Massachusetts

The state is still working on an incentive law that would give residents tax credits. In the meantime, however, the residents are paid. Thanks to an unusual law from the 1980s, the state will have to pay back $2.5 billion in excess tax revenue to its taxpayers. This equates to a 7% refund of your state tax payment in 2021. Visit this website for more information or call 877-677-9727.

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Pennsylvania

Since July, some homeowners, tenants and people with disabilities have been eligible for a payment through the Property Tax/Rental Discount program. The maximum discount is $650, but additional discounts for eligible homeowners can bring it up to $975. Visit this website to find out if you qualify, request a payment, or check the status of your payment.

south carolina

South Carolina residents can look forward to up to $800 in income tax credits. To be eligible, you must have filed individual income tax returns by October 17. Payments are made per person, so it doesn’t matter if you filed jointly or not. The checks should go out in November and December, and all payments were issued before December 31, 2022.

Virginia

If you filed taxes in Virginia last year and were a tax resident, you are eligible for payment. If you meet the qualifications, you qualify for a tax credit of $250 for individual filers or $500 for joint filers. Physical checks are sent to individuals who did not include bank details in their returns, whose direct deposit was declined or whose discount was offset by outstanding debts. If you filed your taxes before July 1, you’ll see your payment before October 31, 2022.

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