In 2024, people in several states can anticipate receiving stimulus cheques in the range of several hundred to over $1,000. Many are paying their citizens using money from COVID-19 recovery monies that are left over or by offering rebates on property taxes. New York, Maryland, New Mexico, California, Arizona, Missouri, and Colorado are the states scheduled to make payments in 2024.
Stimulus Checks; Source- CNET
Stimulus Check Program
A new stimulus check program is expected to assist around 743,000 people in Arizona as part of the state’s fiscal budget for 2024. Announced in November, the Arizona Families Tax Rebate has a maximum value of $750. When claimed on a household’s 2021 tax returns, it is worth $250 for each dependent under the age of 17 and $100 for each dependent above the age of 17. In 2024, California is providing aid to families with a one-time child tax credit for eligible children. Up to $3,600 will be available as a one-time tax credit for each eligible child. Families can also benefit from a young child tax credit, which can total up to $1,083 for each tax return.
Eligibility For Earned Income Tax Credit
Families who are eligible for the California Earned Income Tax Credit and have a child under the age of six must also qualify for the Young Credit. Next year’s TABOR refunds for Colorado residents should bring in approximately $847 for individual filers and $1,694 for joint filers. The estimated amount to be refunded to taxpayers is $3.28 billion. In the past, TABOR checks were given out according to the recipient’s income level; however, the Colorado legislature decided to make the payments equal for all recipients. This means that residents with higher incomes will receive less than usual, while those with lower incomes should expect to receive an additional few hundred dollars.
Maryland Child Tax Credit
Maryland will extend its child tax credit program through 2024, providing up to $500 per kid for children under six or those with disabilities. Gov. Wes Moore (D-MD) hailed the tax credit as part of his “all-out assault on child poverty” in April. The state projects that the credit will help 40,000 taxpayers. The deadline for filing tax returns and getting a refund check for up to $1,000 is May 2024 for citizens of New Mexico. Separate filers and married couples filing separately may earn up to $500, while heads of households, surviving spouses, and married couples filing jointly may receive up to $1,000. Anyone who submitted or plans to file by May 31, 2024, is eligible for the reimbursement. Payments are delivered automatically following the filing of the tax return.
