Across the nation, states are distributing tax rebates. As individuals and families struggle to keep up with rising cost-of-living prices and inflation, the rebates and other stimulus checks provide much needed financial relief. This month, not only will multiple states be sending our rebates to their residents but the new cost-of-living adjustment (COLA) statistic will also be announced. This will determine by what percentage Social Security payments will increase for next year.
South Carolina intends to distribute $1.8 billion to its residents
Earlier in April this year, $1.8 billion of state money was found to be untouched for over five years among the state’s finances. As South Carolina residents await confirmation for what is is to become of the money, the most likely scenario is that it will be redistributed to residents in the form of rebates. At the time, lawmakers passed a bill which proposed a one-time rebate for individual taxpayers who filed a return in 2023.
An investigation is still ongoing to determine where the money came from and why it has not been used. Until that can be determined, it is unconfirmed about what will happen to the uncovered jackpot. If the money did intend come from tax payer money, it can be redistributed back to the public. However, if it is determined that it is federal money, that won’t be able to happen.
South Carolina residents will still receive $800 dollars in rebates this month
While the state determines the fate of the uncovered money, residents of South Carolina can still get ready for a confirmed rebate which is coming their way. If you filed your income taxes on time this year, you are eligible to receive $800 this month in rebates. New Mexico residents who are married and file jointly will also be distributing $800 worth of rebates this month among their residents.
These $800 rebates however are reserved specifically for seniors. South Carolina and New Mexico are among states such as Virginia, California, Colorado, and Montana who are providing up to $800 in stimulus payments for their senior citizens. Not all states will be providing the full $800 like South Carolina and New Mexico. Some will be providing the rebates in varying amounts.
Different states will provide different payment details
The rebate amount will be determined based on senior household size and income. California is expected to provide between $200-$1,050. Colorado’s rebates will align with the tax rebate amounts of 2023. Single filers in New Mexico can expect $400 while Residents of Montana can receive the full $800.$650 is determined by their tax returns and $150 has been allocated for property taxes. Virginia’s amounts will also vary.
While some states have been paying out rebates since early this year, others will begin rebates this month. However, the dates remain unconfirmed by most. Beneficiaries of Social Security can expect to have their payments sent out according to the regular schedule according to their birthdates. Rhode Island will also be distributing their one-time child tax rebates this month.
Alaska will be distributing over $3,000 worth of payments this month through their Permanent Fund Dividend (PFD). These rebates have been sent out since September but some are still expected to arrive this month. The PFD payments for last year were just over $1,000. The PFD distributes income the state has earned from their mining activities. Alaska is a nation leader in both zinc and gold production.
2024 has been the first time economists have seen prices beginning to stablise since the COVID19 pandemic. However, cost-of-living remains high throughout most states. Tax rebates an stimulus checks are a welcome relief to many families and individuals, especially as the nation heads into winter and some states need to pay for heating amidst the cold weather.
