With federal stimulus checks out of favor at the moment among Washington politicians, it is the state administrations that have got into the act and have continued t send out stimulus checks to residents for over a year now. But instead of sending out big stimulus checks covering almost the entire period, the 2023 stimulus checks are more focused primarily on certain communities who had been deprived of any form of aid during the three years of the pandemic.
States continue to send out stimulus checks to counter surging prices of goods and services across the country. And residents have much to be thankful for as the absence of federal stimulus checks has meant that they are worse off due to rising prices than during the peak months of the pandemic.
Residents Of Two States Are Getting Stimulus Check Starting in April
Alaska and New Jersey have declared generous stimulus checks that could reach residents by spring this year. For residents of New Jersey and Alaska, April will bring in new stimulus checks that could be worth more than $1,000.
It has been over four decades since the government of Alaska has shared income from its vast reserves of oil generously with its residents. State residents get their income from oil revenues through the Permanent Fund Dividend program.
The payout this year will be more generous than in previous years with residents who apply for the fund getting $3,284. It is a much larger amount and has been possible due to the addition of energy benefits that has been calculated to be around $660.
The energy relief part of this stimulus check is non-taxable. Unlike other stimulus checks, residents of the Last Frontier must apply for the stimulus checks by March 31. The eligibility requirements include being a resident of the state and not having been incarcerated for the full period of the calendar year, but there are other stipulations too.
The next payout dates are April 20 and May 18. Benefits will be disbursed linked to the date of the receipt of the application and when it is processed.
The Homestead Benefits have been replaced by the ANCHOR Property Tax Relief Program. It was done to offset years of steep hikes in property tax rates. And for applicants to be eligible, they must have rented or owned their primary residence on October 18, 2019. They must also file or be exempt from New Jersey state income taxes.
Other requirements include restrictions based on annual income requirements. Homeowners with an income of up to $150,000 will receive a check of $1,500 while those between $150,000 and $250,000 will receive a stimulus check of $1,000.
For renters, the stimulus check is $500 for an income of up to $150,000. Normally renters are excluded from such relief programs. But in this case, the payments have been sanctioned for renters and are intended to cover a high increase in the cost of housing across the US.
the application window for the program closed in February. The payments will be issued to qualified residents through May through direct deposit or stimulus checks. These payments are not subject to state or federal income tax.
Making The Most Of A Windfall
For those who have received cash from federal stimulus checks as rebates or refunds, the funds should be used strategically as the economic woes continue, especially for low and moderate-income households. Experts have said that the best way to invest this windfall is to go for a series of measures that are both conservative and also generously paying.
You could add funds to your investment account or your emergency funds. Another option would be to gain valuable insight into marketable and profitable skills. The third option is launching a side hustle or a personal business. But all these measures should be an option after paying off high-interest debts, if any.
Credit card debts have a habit of eating into your finances at a rapid rate, and you must attend to these issues before diverting your attention elsewhere.
While it may be alluring to us these federal stimulus checks to buy something extravagant and tempting, it would be best if you invest a large part of such funds to strengthen your future finances.
Stimulus Check For Residents Of New Jersey and Maine
Residents of New Jersey will get a stimulus check of up to $1,500 and homeowners and renters are in line for this program. Other state residents are seeing the tail end of roll-outs of several smaller relief programs, tax rebates, and other stimulus checks.
While residents of Idaho received rebates in March and September last year of between $300 and $600, there are other measures this year. Residents who did not receive their second round of the check will get a final wave of payments that have been sent starting at the end of March. While the direct transfer of this check will likely get by the first weeks of April, others receiving paper checks will receive it after at least three weeks.
Residents of Maine will receive a stimulus check to offset the cost of winter heating. Around 880,000 are in line to receive the stimulus checks. While the majority have received the amount by March 2023, the payments are expected to continue into mid-April. Residents who are eligible but have not received the payments should inform the state administration by June 2023.
The final date for sending out the stimulus check is September 2023. Eligible residents will not have to make any application. The eligibility will be determined by the state income tax authority.
Massachusetts has given taxpayers around 14% tax refund over their liability if they have filed their income tax return for 2021. The stimulus check has already gone out to those who filed their income tax return before October 17 last year.
But many payments remain as all residents are yet to file their returns and have until September this year by which to complete their filing formalities.
New Mexico has announced another round of stimulus checks. Those who have not filed their income tax returns for 2021 are still in line for a one-off rebate payment of $500 for individual filers and double that for joint filers if these late returns are filed by May this year.
