Inflation Relief Checks: Summary news 17 October
Inflation Relief Checks: live updates
Headlines: 17 October 2022
- Key dates you may receive your inflation relief check in California
- Are Democrats regretting the $1,200 stimulus checkssent last year?
- Retirees receiving Social Security benefits could see on average $1,752 more in 2023 thanks to the COLA
- A record number of taxpayers requested an extension this year
- California to offer relief as drivers in the state pay more than $2.00 a gallon compared to those in other states
- A few states have moved to count the amount forgiven in student loans as taxable income
- The biggest COLA increases in US history
Several US states have approved sending tax refunds or stimulus checks as relief from high prices.
These checks, some of which are going out in Republican-led states, come as many GOP leaders have tried to blame high inflation on stimulus checks Democrats passed in Congress in March 2021 through the American Rescue Plan.
With many states offering inflation relief checks, the GOP continues to attack Democrats for seeing stimulus checks back in 2021. Many argue that the reason for continued inflationary pressures in the market can be traced back to the sending of these checks.
However, many economists disagree and see supply-side disruptions as a much larger problem. Read our full coverage for more details.
Starting this week, we're making hearing aids available over the counter, so people don't have to pay for expensive visits to specialists. The FDA estimates this is going to save patients as much as $3,000 per pair.
Last spring as gas prices spiked a handful of states imposed gas tax holidays,some have since extended them.
Here’s a look at where they are in effect.
Doug Pensinger / AFP
Deadline to claim Colorado Cash Back 17 October 2022
While most Coloradans probably got their Colorado Cash Back check by 30 September those that filed for an extension must get their tax return in by today.
The measure passed by lawmakers in the Centennial State gives Coloradans a tax rebate of $750 for individual filers and $1,500 for joint filers.
In order to claim the financial relief from rising prices have to file your Colorado state income tax return or apply for a property tax, rent, or heat credit rebate
Extended filers who have a deadline of 17 October 2022. The direct payment will be received the refund by January 31, 2023.
After seeing a budget surplus, the Golden State has established a new tax credit, Middle-Class Tax Refund (MCTR), that will be distributed to millions.
The state allocated around $9.5 billion for the refund and hopes that families will be able to use the payments to keep up with prices. The state leads the country in the cost of gas which has just begun to drop again steadily 10 days in a row.
Residents in 21 states who earn the minimum wage will get some relief from inflation in 2023. Changes to state laws for setting the baseline wage for workers are either incrementally raising the pay floor or the minimum wage has been indexed to keep up with inflation. Here's a look at which states employers will be paying workers at the bottom end of the pay scale more next year.
Virginians, don't forget to file tax return to receive inflation relief tax rebate
The State of Virginia pass a one-time tax rebate of $250 for individual taxpayers and $500 for married couples that file jointly. In order to qualify residents will have to file tax return in by 1 November 2022 and have a tax liability.
New York is another state that is offering support. Governor Kathy Hochul has ordered the one-time payment of $270 to taxpayers through the Additional New York State Child and Earned Income Tax Payment, which is part of the state’s budget for the fiscal year 2023.
According to official state figures, about 1.75 million New Yorkers of the almost 20 million residents are eligible for the average payment of $270.
South Carolinians need to file by 17 October to receive one-time tax rebate
South Carolina lawmakers approved almost $1 billion in state tax rebates as part of the state budget this year. The amount that each taxpayer receives will be determined after the filing extension deadline has passed, 17 October 2022.
Residents, part-year residents, and non-residents must submit a South Carolina Individual Income Tax return (SC1040) for tax year 2021 by 17 October 2022. In order to qualify taxpayers must have a tax liability, ie a positive balance after subtracting any credits they have from the taxes they owe.
Last day to file for the Illinois Family Relief tax rebate payments
Illinois taxpayers must file a 2021 state income tax return by today 17 October 2022 to claim a one-time tax rebate under the Illinois Family Relief Plan Gov. JB Pritzker announced in September that payments for income and property tax rebates would start going out automatically on 12 September to those that meet certain requirements.
Those who made less than $200,000 in 2021 and are not claimed as a dependent on another return will receive $50 rebates, the amounts double for couples filing jointly. Households will also receive up to $300 if they have dependents, $100 per dependent up to three.
Households that pay property tax can also claim the amount that is equal to the property tax credit they qualified to claim on their 2021 IL-1040 up to a maximum of $300.
Anyone who hasn't filed can still access the rebates if they file no later than 17 October 2022.
The 2022 Delaware Relief Rebate Program online application opens 1 November
The Delaware Department of Finance has sent over 780,000 payments to residents who filed a 2021 tax return on time and to other individuals, age 18 and older identified via other State agency data. The one-time direct payment of $300 was “intended to promote the general welfare of Delawareans emerging from the Covid pandemic and facing higher prices at the grocery store and gas pump.”
Those residents 18 and over who have not previously received a 2022 Relief Rebate and were living in the state on 31 December 2021 will be able to apply for the $300 one-time payment online beginning 1 November 2022. They must meet the eligibility criteria and will have only 30 days to submit their application.
California gas prices are finally coming down
The price of gasoline in California has been dropping for the past ten days, a trend drivers in the state will surely want to continue. Even so, the average price in the state is over $2 dollars a gallon than the national average.
The Golden State has the highest gas tax in the US and some of the strictest environmental regulations but these account for only around 85 cents a gallon forcing many to ask, "why are gas prices so high in California?"
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Gas prices in the US have decreased, but in California, they remain stubbornly high. What is the reason for the difference in price?
The first payments for the Middle Class Tax Refund were sent out on October 7. People will of course be hoping to receive their money as soon as possible and fortunately the Californian Franchise Tax Board (CFTB)has published information for when people should receive their payment.
The US Social Security Adminstration announced the largest cost-of-living adjustment in over four decades. Clocking in at 8.7 percent, this historic COLA will shift up the maximum benefit for Social Security by a substantive margin.
The maximum depends on the age at which a person retires.
Disabled veterans and military retirees will see their monthly checks get a boost in 2023. The Social Security Administration announced the biggest cost-of-living adjustment since 1981 after the September 2022 inflation report was released.
Military pensions and disability payments, like most other similar government payments, are required by law to use SSA calculation to keep benefits in line with rising prices. Starting in January 2023, an 8.7 percent increase will be applied to monthly payments surpassing last year’s 5.9 percent bump.
Hello, and welcome to AS USA
Hello, and welcome to AS USA's blog on inflation relief payments. We’ll keep you up to date on measures that have been approved in states around the US to help residents cope with the high price of food and gas.
The Social Security Administration announced a historic cost-of-living adjustment increase for 2023 of 8.7% which will give beneficiaries around the nation a much needed boost to monthly payments. The 2023 COLA will affect pensions for other government workers and VA disability benefits too.
While there is no nationwide direct payment nor tax rebate to help Americans cope with inflation, some state initiatives have already been sent out and others are just making their way to residents.