Direct, once-off stimulus payments are one of the most direct ways local and federal governments can provide immediate financial assistance for their residents and citizens during times of economic crisis. During the COVID-19 pandemic, stimulus payments played an important role in providing financial relief to individuals and families amidst widespread job loss and retrenchment. Now, this one state is soon to be sending out multiple once-off payments to assist its residents.
Stimulus payments played an important role in COVID-19
The COVID-19 pandemic was an example of how stimulus payments can play a valuable role in alleviating immediate financial stress for households. Between March 2020 and Mach 2021, the Biden Administration released three round of Economic Impact Payments (EIPs) to eligible citizens during a period where unemployment statistics reached highs not seen since the Great Depression.
This most recent tax season was the last chance eligible beneficiaries had to claim the third and final EIP, amounting to $1,400. While there have been rumors of a new widespread federal stimulus payment to soon be paid out to citizens, with claims of said stimulus payment amounting to anywhere between $2,000 and $5,000, no White House official has confirmed that such a payment is set to go ahead. However, individual states are currently underway with sending out their own stimulus payments.
Double payments for residents of this one state
While no new widespread stimulus payment initiative has been confirmed by the federal government, that has not stopped states from continuing on with their own stimulus initiatives. While some of these programs are more recent in nature, others have been long established. Alaska’s Permanent Dividend Fund (PDF) payments, for example, have been in place for over forty years, with payments currently being paid out to Alaskan residents in order to ensure that residents can share in the profits of the state’s precious mineral and oil reserves.
This year, eligible residents of New York can get ready to soon receive two new payments coming their way soon. According to Governor Kathy Hochul’s official website, if you recently welcomed a newborn this year, or are expecting a newborn in 2026, you may be eligible to receive a once off BABY stimulus payment amounting to $1,800. These payments are targeted at low-income New Yorkers in order to help offset the upfront costs associated with a new baby.
In addition to the new BABY payments, the state will also be sending once-off inflation rebate credits amounting to up to $400 to eligible beneficiaries from mid-October. According to the New York Taxation and Finance, you are eligible to receive the inflation rebate credit if you meet the following criteria
- You filed Form IT-201, New York State Resident Income Tax Return for tax year 2023;
- Your reported income for tax year 2023 is within the qualifying thresholds; and
- You were not claimed as a dependent on another taxpayer’s return for 2023
This state pilots their first guaranteed income program
In addition to New York, California has also been establishing a new stimulus payment program. The Family First Economic Support Pilot Program began rolling out their first payments in June, and will continue to do so for the next twelve months to participating families. The program is piloting the feasibility of establishing a basic income guarantee income program for low-income families with young children in the state.
Payments amount to $725 and all participating families must have a child to support who is five years old or younger and the child must reside with you at least 50% of the time in your household. In addition, to have been eligible to participate in the pilot, your household income must have amounted to 200% below the poverty line and you had to reside in one of the following zip codes in Sacramento County: 95815, 95821, 95823, 95825, 95828, or 95838.
Disclaimer: Our coverage of stimulus checks, tax reliefs, tax rebates, tax credits, and other payments is based on the official sources listed in the article. All payment amounts and dates, as well as eligibility requirements, are subject to change by the governing institutions. Always consult the official source we provide to stay up to date and obtain information for your decision-making.
