Stimulus checks are a fast and efficient way for local and federal governments to directly help their citizens when it comes to pressing and imminent financial expenses. Despite inflation stabilizing almost to pre-COVID-19 stats, many are still struggling to keep up with the rising cost of living. To combat this, many states have begun rolling out their own stimulus initiatives to provide financial assistance to their most vulnerable families. This state is sending out $400 checks to families in order to help cover pressing monthly expenses.
Stimulus checks cover imminent expenses
While stimulus checks are not a long-term solution to solving a financial and cost-of-living crisis, they are a useful way for local governments to directly intervene in order to help their citizens cover expenses they are facing while working towards a long-term solution and goal to lower the cost-of-living. During the COVID-19 pandemic, stimulus checks played an important role in supporting individuals amidst widespread job loss and unemployment.
The Biden Administration released three rounds of Economic Impact Payments (EIPs) between March 2020 and March 2021 as a response to the employment crisis brought on by the pandemic, which saw unemployment statistics reach highs not seen since the Great Depression. This past tax season was the last chance you had to claim the third of these payments, amounting to $1,400, if you never did when they were first distributed.
Since the pandemic, the federal government has not released any other stimulus payments to citizens. However, other states have continued with their own stimulus check initiatives as well as introduced their own once-off payments as a means to support their residents. If you are a resident of New York State, you are in extreme luck. The state will soon be sending out checks to eligible citizens in order to cope with the rising cost of inflation.
One state to pay these citizens soon
New York state announced in May of this year that over 8 million New Yorkers are set to benefit from a one-time stimulus check payment of up to $400 in order to help offset the effects of inflation. According to the New York Taxation and Finance, eligibility for the payment is dependent on your 2023 income reported tax returns. To qualify, the following criteria must have been met:
- You must have filed Form IT-201 (New York State Resident Income Tax Return)
- Your 2023 income must fall below a certain threshold, depending on your filing status
- You must not have been claimed as a dependent on another return
To qualify for the full $400, you must either be a married couple filing jointly who has a combined household income of less than $150,000, or you must be a surviving spouse who earns less than $150,000. The checks will be distributed by mid-October. If you qualify, you do not need to take any action as the state will refer to your previously filed Form IT-201 from 2023.
Additional payments for these individuals
If you are not a citizen of New York, there may be other opportunities for you to claim a once-off payment from your local government. If you call yourself a resident of the state of Georgia, the state is currently sending one-time rebate checks of up to $500 for citizens. The first payments began to be distributed by mid-June.
Couples who file jointly are eligible to receive the full $500 payment while $250 is available for single filers or married individuals who file separately while heads of households are able to claim $375. The initiative forms part of the recent piece of legislation signed by Gov. Brian Kemp, which not only lowered the income tax rate from 5.39% to 5.19% (which went into place from January of this year) but also meant that $1 billion worth of tax relief was brought to Georgia citizens.
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.
