Some states are preparing to send out further stimulus check payouts to residents as high inflation and recession fears persist across the United States.
Shortly after the United States suffered its greatest 12-month spike in the rate of inflation since 1981, a new revision of government stimulus check payments was made. There has been growing concern among economists that the country may enter a recession or economic slowdown in the next months, and these concerns have been voiced by several prominent economists. To alleviate residents’ economic anxieties, some states have authorized fresh stimulus check packages, and some of these states will begin sending out payouts in the coming months.
Stimulus Check Update: Colorado Tax Rebate
Legislation that would provide Coloradans a tax cut was signed into law by Governor Jared Polis back in the fall.
Colorado residents will receive a tax refund of $750 for single filers and $1,500 for married couples filing jointly this summer, according to a statement released by the state’s Department of Revenue on May 23, 2022. According to the Colorado Department of Revenue, “we are working hard to ensure that you get the correct tax refund amount as quickly as possible, and this law will bring immediate assistance to Coloradans by issuing you a payment this summertime instead of spring of 2023.”
Shortly after the United States saw its greatest 12-month spike in inflation since 1981, a fresh round of stimulus spending funds was announced. Combining a file photo of Ronald Reagan (Inset) writing down his remarks for a Joint Session of Congress dated April 28, 1981, inside the Oval Office with a live shot of Colorado Governor Jared Polis giving his state of the state address on Thursday, January 13, 2022, at the Colorado State Capitol Building.
If your Colorado state tax return has already been filed, you are finished! Colorado Cash Back checks will be mailed out by September 30, 2022,” the release continued.
If you were given an extension to file your taxes and the new deadline is October 17, 2022, your tax refund stimulus check will be mailed to you by January 31, 2023, said the state’s Department of Revenue.
Governor David Ige of Hawaii signed a bill last month that will give taxpayers a refund in the following months. A statement from Ige’s office said that taxpayers making less than $100,000 annually will receive a $300 rebate, while those making $1,000,000 or more annually will receive a $100 rebate.
