Tax Rebates 2022: Up to $500 Extra Payments Available in 3 States

Americans will soon receive another wave of free money in the shape of tax rebates, stimulus checks, gas cards, and other forms of assistance.

The discounts and handouts, almost all from state governments, come as US inflation remains persistently high though the pace of consumer price increase did slow somewhat in April.

3 States With up to $500 Tax Rebate

Meanwhile, the federal government has ceased issuing stimulus checks. As a result, any effort to keep putting free money into people's hands must come from governments and cities, which is exactly what we're witnessing now.

In fact, one trend that's starting to emerge in the United States along similar lines is that states are using budget surpluses to return part of the money to taxpayers.

That is exactly what is happening in Indiana, along the lines of that final statement. It is really required by state law to refund a portion of any surplus to taxpayers. As a result, Indiana taxpayers will get a refundable tax credit this month. It will cost $125 for those who file as single taxpayers, and $250 for married couples, according to BGR.

This money will be deposited into residents' accounts this month and will continue to be given out throughout the summer. Beginning in July or August, paper checks will be distributed. Where else, you might wonder, is free money like this being distributed to residents?

• In July, New Mexico residents will get tax rebates. If they earn less than $75,000 per year, they will receive a $250 rebate, and if they earn less than $150,000 per year, they will receive a $500 tax rebate.
• A tax rebate in Colorado is being given to 3.1 million "full-time" residents of the state. Individual taxpayers will pay $400 while joint filers will pay $800. They'll be calculated using state tax returns due by May 31, 2022. And the funds will be distributed in August or September.
• Illinois citizens will get up to $400 in payments this year. The amount of the $50 or $100 payment will be determined by the number of dependents in the household. Families are eligible for up to three $100 claims.

Child Tax Rebate in Connecticut

On Monday, a new piece of legislation was enacted that may result in thousands of individuals in Connecticut receiving a $250 one-time Child Tax Rebate, which would take effect on July 1, 2022.

With the state's budget surplus estimated to be in the billions of millions, officials are aiming to return as much of it to the people as possible.

For lower and middle-income families, this includes a $250 Child Tax Credit payment, as per MARCA. There are three major eligibility conditions for claiming this, according to the Connecticut Department of Revenue Services:

• You must be a Connecticut resident and taxpayer.
• On your 2021 federal income tax return, you must have claimed at least one child under the age of 18 as a dependent.
• You must earn a particular amount of money.

Further information on the income criteria says that if a parent's income is $1,000 or more over a specified level the payment will be reduced by 10%. You must submit an application to the Connecticut Department of Revenue Services in order to receive this Child Tax Rebate. Although the new legislation takes effect on July 1, the deadline for reporting is July 31.

Stimulus Tax Rebate in Missouri

If a measure sponsored by the Senate succeeds, Missouri residents may be eligible for a $500 stimulus tax rebate check. Residents would benefit from the stimulus tax rebate by being able to offset growing expenditures due to inflation and gas price increases.

Per FingerLakes1, those who could be eligible for the reimbursement would have to meet specific criteria. Individuals with an annual income of less than $150,000 and married couples with an annual income of less than $300,000 are eligible for the funds. Individual taxpayers will receive $500, while joint filers will receive $1,000.

The payments might be prorated to keep Missouri's contribution under $500 million. The House had a scheme similar to this one, with no income requirements and a prorated cap of $1 billion. You must have previously paid taxes in order to be eligible. The money would be extra funds that would be returned to taxpayers.

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