August 2023: Five states to distribute one-time direct payments as stimulus update.

Stimulus Relief Continues:⁢ States Issuing Rebates to⁤ Eligible ⁢Residents

While stimulus payments stemming from the COVID-19 pandemic are coming to ⁤a standstill, several states are continuing to offer rebates⁣ to eligible residents throughout 2023. This ongoing support aims to ⁤provide much-needed ⁤stimulus relief ⁢to ‍households in need.

States Issuing Rebates

Five states ‍are⁢ leading ​the way in issuing tax rebates and special session rebates ‌throughout the ⁣year and into 2024. These states include:

• Idaho
• Illinois
• Massachusetts
• Montana
• New Mexico

Let’s take a closer look at ⁢the rebates being issued ⁢to residents ⁤in each of these states:

Idaho

In ⁤Idaho, tax rebates and special‍ session rebates were ⁣sent out ​in March and September 2022. While most of​ the payments have already been ​distributed, eligible recipients can still expect to‍ receive their payments as taxpayers continue to ​file⁤ their ‍tax returns. ⁢To ‌track​ the status ⁢of their ⁤rebates,⁣ taxpayers can visit tax.idaho.gov/rebate.

Illinois

Illinois ended ​applications for⁢ its rebate program on October 17, 2022. The majority of Illinois Income ‍Tax Rebate and Property Tax Rebate payments ⁢have already been sent out to‌ recipients. The rebate amount was equal to the ⁤property ​tax credit claimed on the ⁣2021 IL-1040 tax⁤ form, with a maximum payment of $300. The state ​comptroller has assured that payments will continue throughout the year until all eligible recipients have been issued their rebates.

Massachusetts

In⁣ Massachusetts, taxpayers have until September 15, 2023, to file their 2021 return and receive state tax refunds. The state began sending out refunds in November 2022, ‌with taxpayers ⁣entitled to a refund of 14.03% of their ⁤2021 Massachusetts state tax​ liability. Recipients can expect to receive⁤ their payment approximately one month after⁢ filing.

Montana

Montana initiated the issuance of individual income tax ⁣rebates in July. Residents could qualify for a rebate ⁣of up to $675 and/or a tax rebate equal to the lesser of $2,500 for joint ‌filers ($1,250 for single filers) or their state tax liability. Rebates will continue to ⁤be sent out in the ‍order they were filed, with the program concluding on December 31,⁣ 2023. Additionally, eligible recipients⁣ can ‍claim their 2022 property tax rebates online through the state’s TransAction Portal or a⁣ paper form ⁢starting from August 15. Claims for ⁢the 2023 rebate will be ​accepted from ⁤August 15, 2024, until October 1, 2024.

New Mexico

New Mexico is offering two types of rebates to its citizens: one⁢ for taxpayers and ⁢another for those who are ​not required⁤ to file tax​ returns. The ‍income tax rebate amounts to $1,000 for joint filers⁢ and $500 for single ‍filers. Eligible⁤ residents ⁣have until May 3, 2024, to file their 2021 personal income tax return ⁤and claim their rebate.

These ongoing‌ rebates provide much-needed support to individuals and families‌ across these states, helping to alleviate financial burdens and stimulate economic recovery.

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