Stimulus Check Payments Are Being Made to Taxpayers as the Budget is Being Flushed

During the height of the epidemic, the federal government distributed stimulus checks to millions of US taxpayers. Many state governments have a balanced budget for the year, and they are now using some of their surpluses to aid citizens with stimulus payments, child tax credits, and other forms of assistance to cope with the high inflation rate.

Depending on who is counting, up to twenty states are offering one-time refunds or higher tax credits. According to Richard Auxier, a senior legal fellow at the Tax Policy Center, it’s a significant increase from only a few years ago.

While some governments have already made payments, others will not stop until well into the following year. Whether or not you generally file a tax return, Auxier suggests checking with your local tax office to determine if you are still eligible.

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Many states have the means to be generous. As their economy recovered from pandemic closures, they benefited from national COVID-19 relief stimulus check money and increased tax income.

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Meanwhile, despite a recent decline, high inflation continues to put a hardship on consumers. States’ responses have included “inflation relief,” general tax cuts, and prolonged sales tax holidays.

Although state contributions can be substantial, they are typically less than the national government’s stimulus check payments in 2020 and 2021. Some economists are afraid that this will promote spending, which will exacerbate inflation.

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New Mexico, for example, gave direct aid and refunds of up to $1500. Some taxpayers can file their state tax return for the year 2021 until May 31, 2023, and still be reimbursed.

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