One-time Rebates: At least twenty states are providing residents with one-time tax rebates and tax credits to help them weather the storm of excruciatingly high inflation and rising interest rates.
One-time Rebates and Tax Credits Are Available in 20 States, Including Oregon
Inflation in the United States is currently at its highest level in nearly four decades. From a peak of 9.1% in June, rates dropped to 7.6% in October. As per the most recent data from the U.S. Labor Department, the annual core inflation rate stands at 6.3%.
With consumers’ resources still being taxed to the limit, it’s no surprise that Moody’s Analytics reports inflation expectations have climbed substantially in November.
States are providing tax breaks and rebates as a means of assistance.
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Find Out What Each State is Offering Below:
California: According to state data, over half of Californians who are eligible for the Middle-Class Tax Refund have already received their refund checks. State inflation aid payments range from $200 to $1,050 per individual, based on income, filing status, and the number of dependents. The average payment is $544.
Colorado: The Colorado Cash Back program offers a tax rebate of $750 for single filers and $1,500 for joint filers.
Delaware: Each adult resident of Delaware was eligible for a $300 one-time payment from the 2022 Delaware Relief Rebate Program, with couples receiving $600. The state said the funds will help Delawareans recover from the COVID-19 outbreak and cope with the rising costs of living, such as food and gas.
Georgia: Due to a revenue surplus, the Georgia Department of Revenue has announced that beginning in 2020, residents would get a refund on their state income taxes. A maximum reimbursement of $250 is available for single taxpayers and married people filing separately. Individuals who file as heads of household are eligible for a maximum return of $375. The maximum reimbursement available to married couples filing joint returns is $500.
Hawaii: Those who live in Hawaii and file their individual tax returns for the year 2021 by the end of 2022 will be eligible for a rebate according to recently enacted law. Depending on the taxpayer’s filing status and federal adjusted gross income, the refund amount is either $100 per exemption or $300.
Idaho: State officials have announced that they will provide each Idaho resident and their dependents $75, or 12% of their state income tax due.
Illinois: A $1.83 billion aid package including different tax rebates was authorized by the Illinois legislature. There is a maximum reimbursement of $400, which is comprised of $50 per person and $100 for each child (up to three children). The state allows taxpayers to apply for tax credits for up to three years after the original tax filing date.
Indiana: Any Indiana resident who files a tax return for the 2020 tax year by January 3, 2022, or sooner, will be eligible to receive an Automatic Taxpayer Refund. Each taxpayer, regardless of income, will receive $125 in May and $200 in the second half of the year.
The state of Maine offers a rebate of $850, or $1,700 for married couples filing jointly, to residents with annual incomes of less than $100,000 and $200,000, respectively.
Massachusetts: A credit in the form of a refund equal to about 14% of the individual’s 2021 Massachusetts income tax bill will be given to qualifying taxpayers. An individual who made $50,000 last year and repaid $2,500 to the state may be eligible for a rebate of around $350.
New Jersey: Discounts in the Garden State depend on whether you own or rent. Property tax reimbursements of $1,500 will be given to homeowners with annual incomes up to $150,000, and rebates of $1,000 will be given to individuals with annual incomes between $150,000 and $250,000. Up to $150,000 in annual income qualifies tenants for $450 checks.
Mexico: All taxpayers in New Mexico received a rebate of $500 for single filers, $1,000 for married couples filing jointly, and $2,000 for married couples filing jointly, heads of households, and surviving spouses.
At least 20 states, including Oregon, are offering one-time tax rebates and tax credits to help residents cope with the rising cost of living. https://t.co/9dv33DQtQ5
— KOIN News (@KOINNews) December 1, 2022
New York: As of June, over 3 million homeowners in New York state were eligible to receive property-tax reimbursements of up to $1,050. Households in the Big Apple received, on average, $425. A further $1,050 is projected for residents with annual incomes of $75,000 or less.
Oregon: Each Oregon family received $600 in emergency aid. No action is necessary from residents to receive their money, which will be sent via direct deposit or check.
Pennsylvania: Seniors, those with disabilities, and those who own or rent their own homes in Pennsylvania were eligible for a one-time bonus rebate of up to $975.
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South Carolina: When tax returns were submitted by October 17th, qualified taxpayers in South Carolina received a one-time rebate of up to $800 from the state’s Department of Revenue.
Virginia: Those who submit their taxes in Virginia before November 1 will receive a one-time refund of $250 for individuals and $500 for married couples.
Family tax credits are being offered in some states. There are currently 12 states that give out child tax credits, including Florida, Illinois, Connecticut, Rhode Island, Minnesota, and Pennsylvania.
Each state’s tax credit program is unique, but all of them help families with low incomes.
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