The inflation drama that continues to make daily life more expensive comes with an impossible Catch-22. Average people — particularly low-income families — need financial assistance to cope with rising prices, but a fresh round of stimulus payments would only make inflation worse by injecting more money into the economy.
Despite early-year discussions, it has been clear for months that the direct payments and expanded tax credits from the pandemic years are over. But some states are finding a middle ground with stimulus payments that are much smaller and more narrowly targeted.
Millions of Americans might be eligible for stimulus payments this summer and fall, depending on who they are and where they live. Here’s what you need to know.
A Federal Gas Subsidy Is Idling in Congress
In March, several Democratic representatives proposed the Gas Rebate Act of 2022. The act would give eligible taxpayers $100 per month — eligibility would be based on income — along with $100 per month per eligible dependent, to help them cope with rising fuel costs.
It has a long way to go.
The act would have to work its way through Congress to become law, but it hasn’t even passed preliminary steps at the committee level yet.
Take Our Poll: Are You Struggling To Keep Up With Your Utility Bills?
Beyond that, the only other stimulus payments are coming from the following states:
Eligible Colorado residents will receive checks of $400 or $800, depending on their filing status, but they could get even more if the state ends up earning higher revenue. Payments will arrive later in the summer.
Delaware’s governor approved one-time payments of up to $300 for qualifying residents. Most payments were distributed by May 31. If you didn’t receive one but believe you’re eligible, check your status with the state Division of Revenue.
Eligible Georgians began receiving rebate payments of between $250 and $500 in May. Amounts are based on filing status, and partial-year residents are eligible for reduced payments.
Hawaii approved payments of $300 for taxpayers earning up to $100,000 a year and their dependents, meaning a family of four could receive as much as $1,200. Those who earn $100,000 or more are eligible for up to $100. The state will begin processing payments in late August.
Eligible Idahoans will receive either $75 or 12% of their 2020 state taxes through a rebate program that the state approved in February. Payments began in March and will continue throughout 2022.
The government of Indiana approved a one-time payment of $125 for eligible taxpayers — $250 for couples filing jointly. Payments began in May and will continue through the summer. Most residents will receive theirs by Sept. 1.
About 858,000 Mainers will receive one of the country’s most generous stimulus checks: $850 per eligible resident. The first round of checks starts in June and payments will be distributed on a rolling basis throughout the year.
Eligible frontline workers in Minnesota will receive up to $750. The application dates are from June 8 through July 22.
Nearly 1 million New Jerseyans received a one-time payment of up to $500 last year. This March, the governor proposed another round of $500 payments, this time for nonresident and resident aliens, their spouses and dependents who filed with a taxpayer identification number instead of a Social Security number.
Eligible residents can receive up to $1,500 through three payments, which together are the most generous stimulus program of any state. One round began in May. The second round of checks will go out in June and August. The third is scheduled for July.
These States Have Plans in the Works
According to Forbes, the following states are considering proposals that, if passed, would provide targeted stimulus in one form or another:
More From GOBankingRates