Economic impact payments were one way that the federal government and a number of states helped stimulate the economy after the COVID-19 pandemic. Three years following the CARES Act’s enactment, the majority of stimulus payments were discontinued. Nevertheless, despite persistent financial uncertainties and other constraints, a number of states persist in providing aid.
This is a general rundown of the agencies that are expected to send out Stimulus Checks in May 2024. Different states have different finance and tax rebate systems, so these checks can be different from the ones the IRS releases.
US Stimulus Checks May 2024
The government sends stimulus checks to its residents in an effort to boost the economy. These checks are also known as economic impact payments. When times are tough economically, this is sometimes done to get individuals to spend more money, which in turn increases economic activity.
The state of Alabama
Married couples will receive $300 and single filers $150 in a one-time tax relief. Must have submitted taxes for 2021 by October 17, 2022, to qualify. With an estimated cost of over $383 million, the state of Alabama will use a $2.8 billion surplus from the Education Trust Fund to pay for the refund, which is expected to benefit around 1.9 million people.
The state of Arizona
Refunds are scheduled to be sent out to taxpayers in Arizona who have dependents no later than April 15.
A $250 reimbursement will be given for every dependent under the age of 17, with a maximum of $750 for three dependents. Anyone claiming a dependent who is 17 or older will receive $100. To help citizens cope with the effects of inflation, the Arizona Freedom Caucus has been pushing for refunds to be paid out of the state’s surplus revenues since the beginning of the budget process.
These refunds will be received by about 750,000 individuals who claimed a specific credit on their 2021 tax return. You can choose to receive the funds via check or direct deposit.
The Georgian
State income tax returns for 2021 and 2022 should be filed by taxpayers who have not yet done so in order to be eligible for a possible one-time tax credit. The amount of the refund is contingent upon the taxpayer’s income and taxes paid; for individuals filing as heads of household, it can reach $375, and for married couples filing jointly, it can reach $500.
The state of Illinois
Unclaimed property checks of up to $5,000 are available to residents. The approximate total of these payments is $47 million, and more than 66,000 people may be eligible to receive them. Illinois residents can claim their money by keeping an eye out for a letter from the state treasurer’s office. They may be asked to prove their identity before they can receive a paper check.
Minnesota
A one-time tax rebate started being sent to Minnesota residents in the middle of August. Some of them may already have gotten their refunds. You can get a rebate of up to $1,300. The official rules have all the details on how much and who can get it.
Montana
If you lived in Montana and filed your taxes by October 1, 2023, you might be eligible for a refund on your 2021 and 2022 income and property taxes. Income tax payers can get a refund of up to $2,500 (or $1,250 for other classes) or their state tax liability, whichever is lower, plus up to $675 for property taxes.
New Mexico
There were 26,085 eligible candidates for the New Mexico Economic Relief Payments, and starting on July 26, 2023, they were given $500 for individuals and $1,000 for couples and households.
Pennsylvania
Please note that the deadline for the Property Tax/Rent Rebate Program application is May 1, 2024. On the official website, you may find information on the requirements to qualify and the possible amounts of the rebate.
Virginia
If you owe the state money after deducting all of your tax credits, deductions, and subtractions in 2022, you are eligible for a $200 tax rebate from Virginia. This offer is based on your having tax liability that year. Joint filers are eligible for a single $400 rebate.
Refunds are anticipated to be sent out to taxpayers by December 2024 for returns submitted by July 1, 2024. In order to be eligible for a refund, you must file your taxes for the year 2022 by July 20, 2024.
Washington State
The Washington Working Families Tax Credit Refund offers eligible workers the chance to receive up to $1,200 in tax credits. The deadline for applications is December 31, 2024.
Stimulus Checks Eligibility Criteria:
The eligibility criteria for stimulus checks can vary depending on the specific stimulus program and the legislation governing it. However, here are some common eligibility criteria that have been applied in various stimulus programs:
- Income Threshold: Typically, stimulus checks are targeted towards individuals and families with lower to moderate incomes. There may be specific income thresholds that determine eligibility, with higher-income individuals and families phased out or excluded altogether.
- Tax Filing Status: In many cases, eligibility for stimulus checks is based on an individual’s or family’s tax filing status. This may include factors such as whether the individual or family filed taxes in the most recent tax year and whether they meet certain filing requirements.
- Citizenship or Residency Status: Stimulus checks are often limited to U.S. citizens, permanent residents, and certain resident aliens who meet specific criteria. Non-citizens without legal residency status may be ineligible for stimulus payments.
- Dependent Status: The eligibility of dependents, such as children or other relatives, may impact the amount of the stimulus payment or the eligibility of the household as a whole. Some stimulus programs provide additional payments for dependents, while others may exclude certain categories of dependents.
- Employment Status: Certain stimulus programs may require individuals to have a history of employment or to have experienced job loss or financial hardship due to specific circumstances, such as a natural disaster or economic downturn.
- Social Security Number: Individuals typically need to have a valid Social Security Number (SSN) to be eligible for stimulus payments. This requirement helps verify identity and ensure compliance with tax laws.
- Debt Owed to the Government: In some cases, individuals who owe certain types of debts to the government, such as back taxes or child support payments, may have their stimulus payments offset or garnished to satisfy those debts.
- Not Incarcerated: Individuals who are incarcerated may be ineligible for stimulus payments under certain programs.
It’s important to note that eligibility criteria can vary widely depending on the specific stimulus program and the legislation authorizing it. Individuals should refer to official government sources or consult with tax professionals for the most accurate and up-to-date information on eligibility for stimulus checks.