The inflation rate peaked at 9.1 percent in June before falling to 8.5 percent last month, suggesting that the Federal Reserve’s efforts to halt the rise in prices may be having some success. Despite the rising cost of living, millions of Americans continue to struggle.
In a number of states, including Delaware, Florida, Georgia, Hawaii, Indiana, Minnesota, and New Mexico, direct payments have already been implemented to assist residents whose household budgets have been significantly impacted by rising food, gas, and housing prices. Others are getting ready to execute it. California is prepared to provide millions of households with another wave of Stimulus Checks, this time in the form of a “Middle-Class Tax Return,” a tax refund of up to $1,050.
Stimulus Check For A New Group Of Residents
According to state officials, 23 million people should be eligible to receive the payments, which will be distributed between October 2022 and January 2023.
Only residents who have lived in California for at least six months during the 2020 tax year or who are still residing there are eligible for reimbursement. Californians who fulfill the state’s adjusted gross income (AGI) requirements outlined here, file their 2020 tax returns by October 15, 2021, and were not dependents during the 2020 tax year are eligible for the reimbursement. Depending on your income, payments will be sent via direct deposit or debit cards.
The highest and lowest Stimulus Checks are each worth $200 and $1,050, respectively. This summer, Colorado is offering the “Colorado Cash Back,” a tax rebate Stimulus Check of $750 for individual taxpayers and $1,500 for married couples filing jointly. The $1.83 billion Stimulus Check Plan, which Illinois announced in early July, contained a temporary reduction in a number of sales taxes, such as the delay of the sales tax on food through June 30, 2023.