Residents from this state will soon receive a brand new payout worth up to $1,500. While the federal income tax season ended nearly six months ago, with tax rebate distribution all but complete, individual states are still underway in organizing their own tax seasons and rebate distributions for their residents. While most residents may be preoccupied with ensuring that their state income tax has been filed and paid, there are other tax rebate programs you may be eligible to receive payments from.
Who still needs to file their income tax?
Mid-April this year was the deadline to file your federal income tax, unless you applied for an extension for October this year and were subsequently approved. If you have not filed your federal income taxes yet, there are penalties that you can face for not reporting your income to federal authorities. Failure to file penalties for individual tax returns can result in you needing to pay interest on the taxes that you owe the Internal Revenue Service (IRS), paying a penalty, and, in very extreme cases, may result in legal action being taken against you.
While the federal income tax filing season may be over, residents of certain states may still have upcoming deadlines for their state income tax. Most states require their residents to pay state income tax, unless you live in one of the following locations: Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming, Tennessee, or New Hampshire.
These residents may receive $1,500 payout
While you may still need to file and pay your state income tax, the good news is that you may still also qualify for tax rebates. Even if you live in a state that does not require you to pay state income tax, there are generally other opportunities for you to claim back from your state government. For example, residents of New Jersey who qualify to take part in the state’s Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program are currently awaiting tax rebates on their properties worth up to $1,750.
Across the lake, eligible New York residents may soon be receiving up to $1,500 from the New York Department of Tax and Finance. The payment forms part of the state’s School Tax Relief (STAR) program, whereby New Yorkers can also share in property tax rebates along with their New Jersey neighbour. Approximately three million residents are expected to benefit from the program this year, with the program set to release approximately $2.2 billion worth of property taxes.
There are two types of STAR programs that you may be eligible for:
- Basic STAR: For New Yorkers who have an income of less than $500,000 for the STAR credit or $250,000 or less for the STAR exemption
- Enhanced STAR: For New Yorker homeowners aged 65 and above who have an income of less than $107,300 to qualify for a rebate or STAR exemption.
This state continues to send payouts to residents
New Yorkers have been receiving a substantial number of tax rebate payments recently, as well as other stimulus check payout initiatives. This year also saw the state government propose an expansion to the state’s Child Tax Credit in order to offer parents increased tax relief as a way of easing the burden of expenses associated with raising a family.
On top of the Child Tax Credit expansion, the state has also made provisions to send out one-off rebate payments for eligible residents in order to offset the associated costs with inflation, and payments for parents who have recently welcomed a new baby. New York is known for being one of the most expensive states in the country to live in, not to mention New York City constantly ranking as the most expensive city to live in, not just nationally, but globally.
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.
