States Announce Fresh Stimulus Checks For Residents Even As 2022 Payments Come To An End

stimulus check

At least 21 American states sent out stimulus checks to their residents in 2022. Most payments have reached beneficiaries but if you have missed out on your payment you can still get it. Some states have also announced fresh stimulus checks in 2023, though the payments are more targeted.

Over 50 million residents of close to 50% of American states received some form of tax refund or stimulus checks from their state administration. But you could be among a few who were sent a relief payment by the state but did not receive it.

While there is a possibility that you did not qualify, you still need to check if the tax agency failed to send you a stimulus check because of incomplete or incorrect information. There is also a possibility that you have not filed your income tax returns or filed them incorrectly.

You need to first ascertain if your state has issued a stimulus check and confirm that you have qualified for the payment. They ascertain how to inquire about the missing stimulus check and the correct way of applying for the payment to be issued.

The economy has faced multiple issues ever since the pandemic hit American shores in the first quarter of 2020. Rising energy costs, record levels of inflation, and major supply chain issues across the world were three of the biggest threats. These affected close to 60% of the economy and were troubling factors throughout 2022.

Experts maintain that the cost-of-living crisis and the rising inflation had a more negative impact on their businesses than the COVID-19 pandemic. Though the event that unfolded in 2022 was a consequence of the havoc the pandemic wreaked in the preceding two years.

Experts had warned at the beginning of 2022 when inflation began to creep northwards that it could hit 10% by the end of 2022. With more than half of businesses (60%) having planned only for an inflation rate of 6% for the 2022 financial year, it was a severe cause for concern and the event proved that the situation was as bad as predicted.

Though it did not touch ten percent, by the middle of 2022 it crossed the 9% mark and touched 9.1% in June 2022.

Alaska Issus Stimulus Check In 2023

Alaska has been generous to its residents with multiple stimulus checks going out over the past year. The first payment was from the Permanent Fund of the state. It brought in a dividend of Alaska’s oil wealth to residents each year and comes to $2,550 in all.

The Permanent Fund Dividend is one of the largest ever in the history of Alaska. Crucially, it comes at a time when people faced the highest-ever inflation. The cost of living increased to record highs even as disruptive world events complicated the situation further. This includes the war in Europe that led to an increase in energy costs, and the supply chain issues that have been an ongoing problem since the pandemic.

After months of deliberations, Alaska finally approved a further stimulus payment of $3,200. Residents received technically 2 payments that are clubbed together into a single stimulus check.

The first payment came from the Alaska Permanent Fund, which gave out a dividend of the oils wealth that is given to residents every year and comes to $2,550. Further, as part of an energy relief initiative, residents are in line for a one-off payment of $650.

These payouts were the highest-ever dividend payment initiated by the state ever since the Permanent Fund was started in 1982.

Governor Mike Dunleavy said that the dividend was one of the largest ever in the history of the state. It came at a time when all-around inflation has disrupted the lives of millions across America.

While Governor Dunleavy approved the plan on June 29, he did not provide specific plans or a timeline to send out the stimulus checks. While the exact date of the payments was initially unclear, the normal date for the Alaska Permanent Fund dividend is usually in the last quarter of the year, mostly in October.

This year the investment income from oil revenues with Alaska residents through the Permanent Fund Dividend program will be $3,284. This year the payout per approved applicant is larger than usual due to the inclusion of an energy relief benefit worth $662.19. the energy relief portion of the payout is non-taxable.

Residents of the Last Frontier had until March 31 to apply for the payment. Among the requirements for eligibility for the fund is being a resident of Alaska and avoiding being incarcerated for the whole year.

The payout dates have been announced and are April 20 and May 18. Benefits will be disbursed based on the receipt of the application and the time taken to process it.

New Jersey Residents To Get Property Tax Relief

Residents of New Jersey will receive the ANCHOR Property Tax Relief Program, replacing the Homestead Benefit. The latter was created to offset years of hikes in property taxes. An applicant must have rented or owned their primary residence on October 19, 2019, to be considered eligible. They must also file or be exempt from the income tax of the state of New Jersey.

To be eligible, applicants must also meet these annual income requirements. Residents with an Adjusted Gross Income of up to $150,000 will receive $1,500 and those with an AGI of between $150,000 and $250,000 will receive $1,000.

Renters with an AGI up to $150,000 will receive $450. Renters normally get excluded from similar stimulus check programs. But the payments have been issued to renters in New Jersey to defray the significant rise in housing costs.

The payments under this scheme will go out to residents who qualify through the second quarter of 2023 through direct deposit and paper stimulus checks. They will not be subject to federal and state income tax.

Such state stimulus checks have become a welcome source of extra funds for many residents and experts advise that any tax refund, work bonus, or any such inheritance should be invested strategically. And the best way to invest such funds is to add them to investment accounts or emergency funds. Launching a business or side hustle could also be a mature option. But if you have any high-interest debts, paying them off should be the first option.