American taxpayers will not receive any additional stimulus checks with their 2023 income tax refunds as there were no Economic Impact Payments in 2022. The states are offering their version of stimulus checks that are shorter than the earlier version of it.
The economic crisis following the pandemic was as intense as the health emergency of COVID-19. The US government responded to it by approving three stimulus checks within the space of a year. This was to balance out the financial troubles that low and moderate-income Americans faced as the whole economy ground to a halt for weeks after the initial shutdown.
Although the intensity of the pandemic has finally subsided, the economic fallout continues to trouble Americans. And the worst affected as always have been the people who survive paycheck-to-paycheck.
The recession of 2020 troubled Americans and led to the loss of millions of jobs right after the pandemic struck. After a brief recovery, starting in the last quarter of 2021, the situation again took a turn for the worse as prices started going up at an alarming pace.
The record inflation of 2022 was the highest in over 40 years and the prolonged intensity of it had a debilitating blow again on the economy. It led to the Republican opposition laying the blame squarely at the door of the third stimulus check.
The third economic impact payment was part of the American Rescue Plan Act. The bill was signed by incoming President Joe Biden immediately after he assumed power in January 2021. The bill also contained a host of other measures including the hugely successful enhanced version of the Child Tax Credit stimulus check.
The Child Tax Credit payments helped millions of families with children fight their way out of poverty for the first time.
And also for the first time, families could afford to save a part of their total income. This helped people devote more time to looking for jobs and also devoting more time to the workforce.
Six States To Send Out Stimulus Checks This Year: But Payments More Focused
Idaho approved a special session rebate in 2022 and the amount is being sent out starting the second quarter of 2023. the calculation is more complicated with the beneficiaries getting 10% of the income tax liability of the taxpayer for 202. It comes to around $300 for single filers or married couples filing separately. For married couples filing jointly, the amount of the stimulus check comes to $600.
In Maine, the Mills administration announced in March that it had processed the maximum number of the $450 Winter Energy Relief stimulus checks that were mailed. The payments had been processed by the DAFS and mailed to 876,187 eligible residents of Maine. The goal was to send out all stimulus checks mailed by the first quarter of 2023.
Governor Janet Mills stated that she hoped that the $450 stimulus checks will provide residents of the state with a measure of relief from the burden imposed by an increase in the cost of energy in the winter. She reiterated her continued cooperation with a measure of relief jobs. She promised to work with the Legislature to pursue policies that will help bring down energy costs in the long run. This includes more efficient cooling and heating technologies, weatherization, and the diversification of energy resources with renewable clean energy to reduce reliance on electricity.
Kirsten Figueroa of the Dept. of Administration and Financial Services said that the administration was pleased that they were able to process the energy stimulus checks fast and get the money quickly into the hands of the residents of Maine at the peak of the heating season.
The $450 stimulus check was part of the emergency winter plan that has helped residents of Maine and their families stay warm and secure in the winter even as prices soared to record highs. The bill received two-thirds of bipartisan support and was passed in January.
In addition to the $450 stimulus check to most Maine families, the measure also takes into account other forms of aid, including home heating assistance that prevents individuals and families from running out of heating fuel in winter, and funds short-term housing on an emergency basis so that poor people can avoid homelessness during the bitter winter months.
Residents succeeded in qualifying if they had filed their state income tax return for 2021 and the final date for filing was October 31, 2022. Potential beneficiaries must also be full-year residents of Maine for the tax year being considered. They should also not have been claimed as a dependent on another taxpayer’s return for the tax year. Finally, they should have a reported Federal Adjusted Gross Income (FAGI) of less than $200,000 for individuals who file a joint return or surviving spouses who are permitted to file jointly. For individual filing, the limit is $150,000 when filing as a head of a household. For single individuals, the limit is $75,000.
The New Mexico rebate stimulus check is also out and will be reaching beneficiaries very soon. Around $673 million is being returned to eligible residents. Stimulus checks of up to $1,000 will be credited to individual bank accounts by the third week of June. The southern state is giving out such a generous payment to residents as it has enjoyed a fiscal year surplus from a generous increase in oil prices.
Prices for basics continue to burn a hole in the pockets of Americans despite the inflation rate easing starting the last quarter of 2022. But prices continue to be way higher than during the pre-pandemic period. But Gov. Michelle L. Grisham said that while prices for necessities remain way higher, New Mexico was able to support its residents. She said that the state was in what she termed as a “fantastic” position financially. She said that it was essential for her and the party that New Mexico families continue to share in the access.
