Inflation has been running wild across the country throughout 2022. With costs soaring, it’s easy to feel the pressure on your household budget because the reality is that your paycheck cannot buy as much as it used to. That’s why some states are sending out inflation stimulus checks. We’ll explore what states are sending out checks, but if you need help deciding on the best use of funds then you may want to consider working with a financial advisor.
What Is an Inflation Stimulus Check?
This summer, inflation hit a 40-year high. In fact, the latest consumer price index (CPI) report indicated that inflation on consumer goods is up 8.5% for the year as of July 2022. As costs rise, increasing inflation means that your dollar doesn’t stretch quite as far. And the reality is that inflation is driving prices higher, but it’s likely your paycheck hasn’t increased at the same rate.
In an effort to combat the pressure on household budgets, some states are sending out direct checks to residents. The hope is that struggling households can use the funds to purchase goods and services as they adjust to the higher prices and it will prevent further financial struggles. These checks are being paid for, in large part, by a budget surplus in each state.
States With Approved Inflation Stimulus Checks
Not all states are sending out inflation stimulus checks. But here’s a look at the states that are:
- California: Households in California could get as much as $1,050 in stimulus funds. Married couples with children and a household income of less than $150,000 will receive $1,050. But a single taxpayer earning less than $75,000 per year without dependants would get $350. If you qualify, expect to receive the funds between October 2022 and January 2023.
- Colorado: Colorado is sending out tax rebates to residents that filed state income tax returns in 2021. Individual filers will get $750, while couples will get $1,500. You can expect to receive your check by Sept. 30 if you filed your taxes on time. If you filed late, you might not receive the check until January 2023.
- Delaware: Delaware is sending tax relief rebate payments to taxpayers who filed state taxes in 2020. Each taxpayer should receive $300 as a stimulus check. These payments began in May 2022.
- Florida: Qualifying families in the Sunshine State will receive payments of $450 per child through the Hope Florida program. Eligible households include relative caregivers or children, non-relative caregivers of children, foster parents, Guardian Assistance Program participants and those receiving Temporary Assistance for Needy Families (TANF). If you qualify, the funds should have arrived by July 25.
- Georgia: If you filed taxes in Georgia for both 2020 and 2021, you are eligible for inflation relief checks. Single taxpayers got $250, while married couples saw $500 checks. You should see the check by the end of August if you haven’t already received it.
- Hawaii: Hawaiian taxpayers earning less than $100,000 can receive $300 each. If you earned more than $100,000, you’ll receive $100 per person. Importantly, dependents are also eligible. With that, a family of four could receive up to $1,200. You should receive the funds in September or October 2022.
- Idaho: As a full-time Idaho resident who filed taxes in 2020 and 2021 or filed grocery-credit refund returns, you will receive $75 as a stimulus payment or 12% of your 2020 Idaho state tax liability. Taxpayers and dependents are both eligible for the credit.
- Illinois: Illinois taxpayers earning less than $200,000, or $400,000 as a couple, can receive $50 each. Each dependent is also eligible for $100 payments, for a maximum of $400 per household. You should receive the funds in September 2022.
- Indiana: Indiana taxpayers who filed in 2021 will receive a one-time $125 tax refund, regardless of their income. Additionally, another rebate was recently approved to provide $200 per taxpayer. The distribution of these checks will continue through October 2022.
- Maine: If you filed state taxes in Maine in 2021 and earned less than $100,000, you will receive an $850 relief check. As a couple, you could get up to $1,700.
- Massachusetts: Massachusetts recently approved payments of $250 for single filers earning between $38,000 to $100,000. And married couples will receive $500 if they earn less than $150,000 combined. This payment comes on the heels of a $500 check sent to lower-income households earning between $13,500 and 300% of the federal poverty line in 2021.
- Minnesota: Although not quite a stimulus check, Minnesota is sending payments to frontline pandemic workers. With that, Minnesota workers who worked 120+ hours in Minnesota between March 15, 2020 and June 30, 2021 in-person are eligible for a one-time payment of $750.
- New Jersey: The Garden State is sending $500 checks to married couples earning less than $150,000 or individuals earning less than $75,000. Also, New Jersey is offering property tax rebates of $1,500 to homeowners making up to $150,000. Homeowners making between $150,000 and $250,000 will receive $1,000 in property tax rebates. Additionally, renters will receive $450 checks if they earn less than $450.
- New Mexico: In March, New Mexico approved tax rebates for state taxpayers who filed a 2021 return. Married couples could receive $500 if earning less than $150,000 and single filers could get $250. Another rebate was issued later in the year for an additional $500 for single filers and $1,000 for joint filers.
- Oregon: Oregon taxpayers who have lived in the state for at least six months and qualified for the earned income tax credit in 2020, received a one-time payment this summer.
- Rhode Island: Rhode Island is sending out a $250 tax rebate for each child in a household, up to three children. With that, a household with three kids could receive $750.
- South Carolina: South Carolina is planning to send out a one-time payment of up to $800 based on how much they paid in taxes in 2021. You may see these checks in the last quarter of 2022.
- Virginia: Virginia is sending out relief payments of $250 to single filers and $500 to married fliers in the fall. Expect to see this check by the end of October.
States With Possible Inflation Stimulus Checks Coming
Many other states have inflation stimulus checks on the agenda but haven’t yet approved the idea in their legislature.
Although it is certainly not guaranteed that any additional states will receive a stimulus check, it’s a possibility in the following states:
Keep an eye on the political happenings in these states to find out if a stimulus check gets approved and what the details might be. After all, you definitely don’t want to miss out on a requirement that you must complete in order to receive the money.
Is the Federal Government Giving Out Inflation Stimulus Checks?
At the time of writing, the federal government has not agreed to pay any amount of money to citizens to help them combat inflation. The focus has been on creating and passing the Inflation Reduction Act. The new law will cut spending on prescription drugs and pay for more IRS employees to go after tax dodgers.
In reality, though, it’s primarily a climate change law that is meant to fight that very thing by encouraging investments that will lower overall carbon emissions and help clean up pollution. The part of the law that is meant to fight inflation involves lowering healthcare costs, reducing energy bills and creating manufacturing jobs.
An inflation stimulus check can help you meet the rising costs that you may be experiencing in your local area. But not every state is offering this boost to your bank account. If you see your state on the list, watch out for a check coming your way in the near future or pay attention to any specific things you must do in order to qualify. Otherwise, you may want to consider finding other ways to help your budget meet the new stresses that inflation has caused.
Tips for Managing Inflation
- If you receive a stimulus check to combat inflation, it’s a sure sign that inflation is running wild in your area. Consider working with a financial advisor to sort out the best options on how to use that money to benefit you the most. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started today.
- Want to see how inflation is impacting your funds? Take advantage of SmartAsset’s free inflation calculator. It offers an interesting perspective on how the value of money changes over time.
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