Two States To Send Another Round Of Stimulus Checks In October

Stimulus Check
Stimulus Check

The absence of additional stimulus support from the federal government has put pressure on the states to help out residents face the record increase in prices of essentials from gasoline to groceries. And while many states have sent a one-time payment to residents, other states are mulling over the first round. But two states have already sent multiple rounds of payments.

California was the first state to declare a state stimulus check, with the first round going out within a month of the third federal stimulus check, the economic impact payment declared by President Biden.

The initial Golden State stimulus check went on April 15, 2021, while the expanded round, the Golden State stimulus II payment began in October and continued to be sent out until January 2022.

Gas prices continue at their record highs, with the average price up nearly 35 cents in a week touching the $6.38 mark at some gas stations. The gas companies have cited issues with maintenance at oil refineries for the latest spurt in prices.

California’s citizens are in for a round of respite as the California Cash Back payments are due this week. Eligible residents will receive the one-off payments automatically as the Democratic Party-led government bids to provide Californians with a much-needed boost to their finances.

The third round of stimulus checks is expected to be sent out between October 7 and January 2023. Individual filers who declared an adjusted gross income (AGI) of $75,000 or less for the financial year 2020 will get a $350 stimulus check and another of the same amount if they have dependents. For all tiers, the stimulus check for dependents is equal to the amount given to the tax filer, irrespective of the number of dependents. Married couples filing jointly and with an AGI of $150,000 or less will get $350 for each filer plus another $350 for dependents, whatever their number.

Stimulus Check
Stimulus Checks

The second tier is between $75,001 and $125,000 for individuals, bring in a stimulus check of $250 for the filer plus an equivalent amount for any dependent. For joint holders in this tier, the AGI range is between $150,001 and $250,000, and they stand to gain a stimulus check of $500 for the couple plus another $250 for any dependents.

The upper bracket is for individuals earning between $125,001 and $250,000 and for couples between $250,001 and $500,000. They will get $200 for each filer and $200 more if they declare a dependent.

The highest stimulus check is for couples filing jointly and with an AGI of $150,000 or less. They will get a total of $1,050. Single filers with an AGI of above $250,000 and joint filers earning above $500,000 will not receive any relief under the cashback scheme.

The fresh round of payments offered by the New Mexico administration is for the benefit of residents who are experiencing acute financial hardship. Unlike the earlier rounds of stimulus checks which favored both the low-income group and the middle class, this program is focused on low-income groups, the group the hardest hit by the record inflation.

The New Mexico legislature has freshly allocated $10 million for this program and has prioritized people hit the hardest by the rapid increase in prices. Residents must apply for this round of stimulus checks and the application deadline is October 7, 2022, at 5 pm.

The Deputy Secretary of the Human Services Dept. of New Mexico, Angela Medrano, has said that the funds will help people who are desperately in need of money to help provide the basics for their families. She said that families have faced substantial personal and economic losses in the past 2 years and the money will help them provide food for their families and ensure that they have a roof over their heads.

Around 2.4 million rebates have already been issued in the earlier round. . If you are yet to get your payment, there are a few things you need to know about the tax rebate being offered by New Mexico.

The important thing to note here is the deadline, which is October 7. The application process for the $400 stimulus check started on September 26 and applicants must have one of the following forms of identification. They would have to either produce their driver’s license number issued by the state of New Mexico, or their ITIN or Social Security number. Applicants should visit the Human Services Dept. of New Mexico for submitting the completed application.

The earlier rounds of the New Mexico stimulus checks were the result of two separate legislations. One was approved at a special session while the other was passed in the regular session.

Amber Wallin of the non-profit, Voices for Children, has said that the relief will be crucial for families at this juncture as people in the low-income categories continue to hurt. The money will be especially vital for women and children.

Stimulus check
Stimulus Check

Blacks and Latinos were deprived of many benefits in the initial two rounds of the federal payments given under President Trump. They have been disproportionately affected by the recent health and economic challenges including the highest inflation rate for more than 4 decades.

Colorado Refund Stimulus Checks Reaching Taxpayers

Taxpayers in Colorado have started receiving at least $750 in their mail from the state refund sent under the Taxpayer’s Bill of Rights (TABOR). Around 3.1 million residents who filed their state income tax returns by June are expected to receive the $750 stimulus check for individuals and double that for married couples filing jointly.

The payments are continuing and are expected to continue through October 2022. The Colorado Cashback Rebate was originally scheduled for the spring of 2023 but was expedited much earlier to help out people affected by the record increase in prices.

The Democratic leaders of the state have said that the advanced refunds will support families in Colorado to afford necessities including gas, groceries, and food items as prices continue to increase constantly for the past year and a half. The administration has dismissed the opposition Republican’s charge that the refund was a cynical move before the midterms in November.

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