Inflation Checks Massachusetts - SPRINGFIELD, Mass. (WGGB/WSHM) - Many in the Bay State have lingering questions about the inflation relief checks that could go away this fall. One of them is why there is a minimum income limit in this proposal.
"The state collected about $2 billion more in tax revenue than expected," said Carl Petrick, an economics professor at Western New England University.
Inflation Checks Massachusetts
Petrick broke down where the state will get the money for the inflation tests proposed Thursday by legislative leaders.
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Pandemic help for taxpayers The state has already distributed two $500 checks to low-income families based on the 2020 and 2021 tax returns.
It is the third round for middle class families. $250 for individual applicants, $500 for joint applicants and those earning at least $38,000 per year. But up to $100,000 single and $150,000 joint.
One thing we wanted to answer about the proposed government checks is why the minimum income is $38,000.
"The idea behind this bill is that low-income families already have some relief. With these two rounds of stimulus testing. So it's specifically targeted at middle-income families," Petrick explained.
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The parliamentary session ends at midnight on Sunday, July 31. We asked Petrick if he thinks Gov. Charlie Baker will sign this bill if it hits his desk.
"I doubt he will because it's a quick win. It has bipartisan support on the Hill. A quick way to get cash out," Petrck said. SPRINGFIELD, MA (WGGB/WSHM) - Massachusetts residents could have an extra $250 in their pockets come September. Thursday The Massachusetts Senate approved those one-time doping tests, but it's not quite done.
The Massachusetts Senate approved a $250 tax credit and other tax breaks as part of a $4.6 billion funding bill.
"We need to get money back into people's pockets, and yesterday was the first step in doing that," said state Sen. John Veliz.
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Single taxpayers with incomes between $38,000 and $100,000 will receive a $250 check, and married taxpayers with incomes up to $150,000 will receive $500 checks, Veliz said. Efforts to eliminate the minimum income limit failed because 770,000 low-income residents were previously given $500 checks.
“For $500, you know, a year ago or whatever, whenever it was, that's why it's different than it is now. The prices are very high, so we are still talking about it," Veliz added.
Lawmakers still have some work to do before you can cash that $250 check. The House and Senate must reconcile the differences in their bills and send them to Governor Baker's desk.
"Right now, all the bills have to go to the governor and be acted upon by July 31, which is a week from Sunday," Veliz explained.
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"The cost of living went up 10 percent and pensioners just 5.9 percent, so we're already behind the eight ball, so hopefully every little bit counts," Mariani added.
“Schools come and you have to go back to school. Set aside at least $500 that you can spend on the kids' clothes and things like that," Mariani said.
"It's absurd to have this kind of excess revenue and this kind of surplus and not give some of it back, because remember, it's taxpayers' money to begin with," Veliz noted.
The bill goes into effect immediately, and if the governor signs it into law, inspections could come as early as September. Last week, Florida Governor Ron DeSantis announced that low-income families in the state would receive checks worth $450. Boy, decades of high inflation while trying to ease household taxes.
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Florida joins more than a dozen other states that have implemented some form of relief as rising prices across the country weigh on household budgets.
Incentives vary by state, but include one-time payments, tax refunds, tax credits and gas tax suspensions.
Inflation accelerated in June by 9.1% from the previous year and continued as an ongoing trend that has hit households for a year. Gas, housing and food prices are particularly burdensome, although drivers seem to be getting relief at the pump.
Many states, including Florida, are using surplus funds from federal COVID-19 relief packages for recovery efforts. The measures are often included in the state budget proposal, so residents have to wait several months for relief.
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Gov. Gavin Newsom announced last month that eligible California residents will receive assistance checks worth up to $1,050. Fees vary depending on the status of the application and income. Advertisers receive an additional bonus if they have at least one dependent, but each additional dependent does not receive more money. For example, a single parent earning less than $75,000 will receive $700 regardless of whether they have one or three children.
Those whose income exceeds this limit will not receive a payment. Recipients can expect direct deposit or debit cards by the end of October, according to the Newsom administration.
In addition, the government is temporarily suspending sales tax on diesel fuel and providing cash to help people pay overdue rent and utility bills.
Colorado taxpayers receive one-time rebates of $750 for individuals and $1,500 for joint filers. According to Gov. Jared Polis, residents who filed their state tax returns can expect payments before Sept. 30, 2022, and those who applied for an extension could receive a refund by Jan. 31, 2023.
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These audits are not tied to inflation, but are mandated by the Colorado Taxpayer Bill of Rights (TABOR), which mandates that excess revenue be returned to taxpayers. However, this year they were sent months earlier than usual due to high inflation. "As Coloradans face rising costs from pandemic-induced inflation, supply chain challenges and global unrest, extending early checks for refunds will help Coloradans who are suffering now," said Colorado state Rep. Tony Exum Sr., D-Colorado Springs. Opinion.
Delaware began handing out $300 relief checks to every adult resident in May of this year. It will continue sending payments through the summer to retirees who filed 2021 state tax returns and other residents who state agencies say did not file. Residents can track their payments here.
60,000 low-income families, including foster and adopted children, will receive a one-time payment of $450 per eligible child. Checks are already being mailed, the Florida Department of Children and Families said last week.
Georgia began sending one-time aid payments of $250 to individual applicants, $500 to joint applicants, and $375 to heads of households.
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Hawaii Governor David Ige signed the tax relief bill into law in late June. Taxpayers making less than $100,000 a year ($200,000 for couples filing jointly) get $300; Top earners get $100. The discounts are expected to be sent by the end of August.
In February, Idaho Gov. Brad Little approved a measure to send taxpayers and each dependent $75 or 12% of 2020 taxes, whichever is greater.
Illinois Governor J.B. Pritzker has signed various measures to help families. 2021 includes a $50 tax break for all individuals earning less than $200,000 and $100 for couples earning less than $400,000. Taxpayers get $100 per dependent, up to three dependents.
In addition, the state temporarily suspends the sales tax on daily goods until June 20, 2023; delaying a planned increase in the state's fuel tax; Also reduces the sales tax on certain school products from August 5 to 14, 2022.
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Homeowners also get a tax break: The state offers property tax breaks to eligible homeowners with incomes below $250,000 for individuals or $500,000 for couples. Residents automatically receive this discount and tax credit.
Indiana residents will receive $125 each after filing their 2021 tax return. Those who typically earn too little to file a tax return are also eligible for payments.
Indiana Gov. Eric Holcomb also requested a second payment of $225 per taxpayer. It has yet to receive approval from the state legislature.
Eligible Maine residents began receiving $850 in one-time rebates in June. According to Gov. Janet Mills, the average Maine family should receive $1,700. Those who do not receive a payment must file their 2021 Maine income tax return by October 31, 2022.
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The Massachusetts legislature has sent several payments to low-income essential workers this year, including one worth $500.
Broader relief is likely: The Massachusetts Senate last week approved payments of $250 for single taxpayers making between $38,000 and $100,000 and $500 for married couples making up to $150,000. If this plan is reconciled with the Chamber of State House
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