2023 is the year of many things. What some people don’t realize is that it’s also the year of even more stimulus support! While this support isn’t available at the nationwide level, some lucky residents of certain states can see this assistance. It’s key to remember that the only true way to know about what stimulus options are available is by checking with your state directly. However, this article can shine some light on some options as well!
Understanding the States that are Handing Out a Stimulus in 2023
There may be more states in 2023 that decide to provide support to their residents. That’s why we say you should check with your state directly to see what opportunities could exist. However, some states that are providing stimulus support include the following:
- New Jersey
January 31st, 2023 was the deadline for residents in this state to fill out an application for the ANCHOR property tax relief program. The creation of this program was to act as a replacement for an existing opportunity. The best part is that it is able to provide support to both homeowners and renters. The amount will vary but can be $450 for renters and $1,500 for homeowners.
Through two stimulus options, Illinois is aiming to help residents. These stimulus options are in the form of a rebate and are known as either the Individual Income Tax Rebate and the Property Tax Rebate. Both of these options had a deadline of October 17th, 2022. This deadline refers to the last day that recipients were able to file their 2021 taxes. This is important because 2021 taxes are relevant to eligibility criteria for these rebates!
Regardless of whether a person submitted their taxes before or on the deadline, they can expect it to take roughly up to 130 days to process everything. That means the exact date that people can see their rebate stimulus will vary. For instance, someone who waited until October 17th, 2022 to file their taxes could see their rebate months later in February 2023! Even though the processing time is the same for the options, the amount of the support varies. That’s because for the Individual Income Tax Rebate, the most amount that a household could get is $400. On the other hand, the most amount that a household could get for the Property Tax Rebate is $300.
Certain individuals can get up to $975 through this stimulus support opportunity. The exact amount will vary. Regardless, there are qualifications that people need to meet. This includes being at least one of the following:
- 18 years old with a disability
- 50 years old if they are a widow or widower
- 65 years old or older
The Golden State is at it again. They are providing support to their residents through a stimulus opportunity. Even though payments started going out back in October 2022, people were still seeing payments well into January 2023! The support is coming from the Middle Class Tax Refund (MCTR) and can only provide a one-time payment to those who are eligible. Eligibility criteria includes:
- Tax filing status
- Income level
- Residency status
The most that a household can get is $1,050. However, the specific amount will vary depending on information about the household. For example, those who are married or RDP filing jointly without a dependent can receive $700 instead of $1,050.
There are certain laws that a state can have that could lead to a stimulus payment. The state made more revenue than it expected for the fiscal year. That is why they now have to provide the funds back to taxpayers (unless they voted otherwise but that vote did not happen!). Qualifying filers can get up to $1,500 through this opportunity and should have gotten their payments by January 31st, 2023. In order to qualify, the following factors matter:
- Filing status
- Residency status
Colorado isn’t the only state on this list that has laws that touch on a plan of action when the state makes more revenue than they anticipate! In Massachusetts, for the 2021 tax year, eligible taxpayers may be able to get a refund. This refund would be worth 14.03% of their personal income tax liability. The timeline that someone can expect these payments will vary. However, the latest that someone will probably receive their payment is October 15th 2023, give or take. Basically, it’s around a month from the filing date and the deadline to file is September 15th, 2023.
Qualifying residents in Idaho will be able to benefit from a stimulus payment in 2023. In order to qualify, the following factors will be considered:
- Residency status for certain years
- Tax filing status
The specific amount that a person will get depends. However, the rebate will be the most out of the following options:
- 10% of a certain tax amount that was reporting on specific tax forms
- $600 for taxpayers that file jointly
- $300 for taxpayers that file individually
The deadline for this opportunity was December 31st, 2022. However, those that filed by the deadline can expect their payment to come in early 2023!
Even though citizens across the nation aren’t able to benefit from a federal stimulus payment, it’s a different story for residents in certain states. That’s because there are some opportunities for people to get a stimulus payment as long as they live in any of the states on this list! Even if your state isn’t on this list, you want to make sure you still check out what’s available for your state in particular. That’s because this is the only way to get the best and most up-to-date information for stimulus support. These opportunities can happen for a variety of reasons! This includes revenue distribution, rebates, and more. Don’t lose out on hope! You may be due stimulus support and not even know it. Check with your state to see what’s available.