4th stimulus check 2022 — New Jersey residents to get $700 free cash payments – which other states could see rebates?
RESIDENTS in New Jersey could get free money as part of a program for homeowners.
Over 1.8million people living in the Garden State are set to receive relief from high property taxes after Governor Phil Murphy announced the ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) Property Tax Relief program.
It will provide up to $900million in tax relief for both homeowners and renters.
Under the ANCHOR relief program, homeowners are eligible to receive an average rebate of $700 in FY2023.
Other states could also see rebate checks for residents in the near future.
In Maine, about 850,000 residents are set to get $850 rebate checks, and in Colorado, Governor Jared Polis announced in April that 3.1million Coloradans would get tax rebates worth between $400 for individuals and $800 for joint filers.
Read our stimulus check live blog for the latest news and updates...
Big Oil Windfall Profits Tax, continued
“At $120 per barrel of oil, the levy would raise approximately $45 billion per year,” Khanna said to USA Today.
“At that price, single filers would receive approximately $240 each year and joint filers would receive roughly $360 each year.
“If they avoid the tax, that’s less relief for the American public, but that means that their price will come down.”
However, Khanna said that the Democratic pair hasn’t gotten Republican representatives on board yet.
Big Oil Windfall Profits Tax
Democratic Senator Sheldon Whitehouse and Representative Ro Khanna have proposed a bill called Big Oil Windfall Profits Tax.
In the proposal, gas stimulus checks would be sent to lower-income Americans.
The funding would come from levying a per-barrel tax on major oil companies “equal to 50% of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019,” a brief of the bill says according to Yahoo Finance.
Refund to be issued in Georgia
This one-time tax refund is a result of House Bill 1302, which was passed by the Georgia General Assembly and signed into law by Governor Brian Kemp.
This one-time tax refund is supposed to help hardworking Georgia residents battle the high inflation rate.
Single filers and married individuals who file separately could receive a refund of $250.
Filers who are the heads of their households can receive a maximum refund of $375, and married individuals who file jointly can receive a maximum of $500.
However, it is important to note that the refund will not be issued until residents have had their 2021 tax returns processed.
Stimulus checks for people abroad
According to federal data, about 9million US citizens living abroad received 3.7million payments worth $5.5billion during the Covid-19 pandemic.
The 9million people include US citizens abroad, military members stationed overseas, and residents of US territories, such as Puerto Rico.
Billions of dollars distributed to healthcare
Out of the $5trillion the government spent, $482billion went to state and local aid, and below The Sun lists how the US government decided to distribute the $482billion.
- $156billion: Grants to health providers
- $64billion: Vaccines, treatments and supplies
- $46billion: Testing, monitoring and research
- $45billion: Vaccine and treatment development
- $56billion: Medicaid coverage
- $38billion: Medicare changes
- $22billion: Expanded A.C.A. subsidies
- $18billion: COBRA coverage
- $13billion: Waive certain cost-sharing
- $12billion: Health agencies
- $11billion: Other
Decision on student loans coming soon
President Biden said in late April that he would announce details on federal loan forgiveness “in the next few weeks,” according to Rolling Stone.
“I am not considering $50,000 debt reduction, but I am in the process of taking a hard look at whether or not there will be additional debt forgiveness,” President Biden said.
Will the government forgive college loans?
President Biden publicly said during his campaign that he supported up to $10,000 in federal loan forgiveness.
However, the government has not yet forgiven debt for most borrowers, and the president has not recently shared any plan for it.
Some Democrats in Congress are pushing for up to $50,000 of loan forgiveness for borrowers.
Billions of stimulus dollars distributed for aid
During the pandemic, the government spent $5trillion during the pandemic.
Out of that $5trillion, $745billion went to state and local aid, and below The Sun lists how the US government decided to distribute the $745billion.
- $244billion: American Rescue Plan direct aid
- $149billion: CARES Act direct aid
- $190billion: Elementary and secondary education
- $72billion: Increases in the federal share of Medicaid payments
- $69billion: Transit
- $10billion: Transportation infrastructure
- $6billion: Non-public schools
- $5billion: Education grants and workforce
- $0.4billion: Election security
Trillions distributed to individuals
During the pandemic, the government spent $5trillion.
Out of that $5trillion, $1.7trillion went to businesses, and below The Sun lists how the US government decided to distribute the $1.7trillion.
- $835billion: Paycheck Protection Program
- $349billion: Economic Injury Disaster Loan program
- $193billion: Loosen limits on business losses
- $85billion: Delay of employer payroll tax
- $80billion: Airlines
- $29billion: Restaurants
- $27billion: Economic Injury Disaster Loan advances
- $26billion: Employee retention payroll tax credit
- $25billion: Support for Federal Reserve loans
- $13billion: Venues
- $13billion: Interest deductions
- $11billionl: Paid leave credit
- $11billion: Other
- $9billion: Other tax breaks
Big Oil Windfall Profits Tax
Democratic Senator Sheldon Whitehouse and Representative Ro Khanna have proposed a bill called Big Oil Windfall Profits Tax.
In the proposal, gas stimulus checks would be sent to lower-income Americans.
The funding would come from levying a per-barrel tax on major oil companies “equal to 50% of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019,” a brief of the bill says according to Yahoo Finance.
Trillions distributed to individuals
During the pandemic, the government spent $5trillion.
Out of that $5trillion, $1.8trillion went to individuals and families, and below The Sun lists how the US government decided to distribute the $1.8trillion.
- $817billion: Stimulus checks
- $678billion: Unemployment benefits
- $93billion: Child tax credit expansion
- $71billion: SNAP and other food assistance
- $39billion: Delayed student loan payments
- $28billion: Child care block grants
- $24billion: Child care provider grants
- $14billion: Retirement plan rules
- $24billion: Other tax breaks
- $10billion: Other
Americans spent billions on airlines
As many people are aware, the travel industry was hit hard during the pandemic.
In fact, airports were practically ghost towns because most travel was banned.
Since travel was banned, the majority of pilots, flight attendants, and other staff members were furloughed for an unknown amount of time.
However, what many Americans don't know is that $80billion was given to the airline industry during this time.
As many people were fighting to put food on the table, this brings up the question if $80billion was too much for the American government to spend on something as unnecessary as the travel industry.
Recovery Rebate Credit eligibility, part three
The IRS says individuals were not eligible to claim the 2021 Recovery Rebate Credit if any of the following apply:
- You could be claimed as a dependent on another taxpayer’s 2021 tax return
- You’re a nonresident alien
- You don’t have a valid Social Security Number issued to you by the due date of your tax return, and you don’t claim a dependent who has a valid SSN or ATIN
Estates, trusts, and individuals who died before January 1, 2021, did not qualify for the 2021 Recovery Rebate Credit.
Recovery Rebate Credit eligibility, part two
Taxpayers didn’t qualify for the third Economic Impact Payment, may have still been eligible to claim the 2021 Recovery Rebate Credit.
That’s because the credit is based on 2021 tax information instead of 2019 or 2020 information.
If you received the full amount of the third Economic Impact Payment, it wasn’t necessary to include information about it when filing 2021 tax returns.
Recovery Rebate Credit eligibility
The eligibility requirements for the 2021 Recovery Rebate Credit were the same as the third Economic Impact Payments requirements, except that credit eligibility and amount were based on your 2021 tax year information.
Third Economic Impact Payments were based on your 2019 or 2020 tax year information.
Recovery Rebate Credit, continued
If you didn’t get the first or second stimulus payments, you may be eligible to claim the 2020 Recovery Rebate Credit by filing a 2020 tax return.
The third Economic Impact Payment will not be used to calculate the 2020 Recovery Rebate Credit, according to the IRS.
More information about how to claim the Recovery Rebate Credit is available on the IRS website.
What is the Recovery Rebate Credit?
Taxpayers might have been eligible to claim a Recovery Rebate Credit on 2021 federal tax returns if they didn’t get a third stimulus payment, or got less than the full amount.
The IRS sent Letter 6475 in early 2022 to addresses on file confirming the total amount of third payments and any plus-up payments received for the tax year 2021.
Taxpayers needed the information to accurately calculate their 2021 Recovery Rebate Credit when filing their 2021 federal tax return in 2022.
How many payments were sent during COVID?
More than 472million payments were sent out during the pandemic, and most of these payments were directly deposited into bank accounts.
In total, families and individuals received about $1.8trillion in relief.
States giving out stimulus money and rebates, part three
Though the dollar amount of the stimulus checks and rebates may not be as high as pandemic levels, this much-needed assistance has helped people battle the soaring grocery prices.
For instance, the cost of meat, poultry, fish and eggs is 13 percent higher since February 2021.
Fresh fruit has also gone up 10.6 percent in that time, and the price of pre-packaged cereals and baked goods has increased by 7.7 percent.
States giving out stimulus money and rebates, continued
These rebates are being handed to help people fight inflation, and the next list features the states that have stimulus and gas rebate programs.
However, there are a few programs that are still obtaining approval.
States giving out stimulus money and rebates
The following nine states have recently approved legislation for tax rebates to help people fight the high inflation rate.
States delivering stimulus checks
Local governments are disseminating detailed plans for sending households a fourth stimulus check; however, several states have agreed to provide more financial assistance.
According to Marca, some states offering stimulus checks as financial help are:
- New York
- Idaho
- Georgia
- Indiana
- New Mexico
- Connecticut
- Maryland
- Maine
- New Jersey
Documents for Maryland’s water assistance program
There are several documents that you will need to apply to the Low Income Household Water Assistance Program — a program that helps low-income households in Maryland pay water bills that are 30 days or more past due.
These documents include the following:
- Copy of Applicant’s photo identification
- Proof of Residency
- Copies of Social Security cards for the entire household (including children)
- Proof of your household’s total Gross income for the last 30 day period
- If you or someone in your household receives one of the following benefits at the time of the LIHWAP application, you may meet Categorical Eligibility if you can provide proof:
- Energy Assistance Programs (MEAP)
- Supplemental Nutrition Assistance Program (SNAP)
- Temporary Cash Assistance (TCA)
- Temporary Disability Assistance (TDAP)
- Supplemental Security Income (SSI)
- Emergency Rental Assistance (ERAP)
- Eligible means-tested Veterans Assistance (VA)
- A copy of your most recent water/wastewater bill and water termination notice
Applying to Maryland's water assistance program
There are several ways to apply to the Low Income Household Water Assistance Program — a program that helps low-income households in Maryland pay water bills that are 30 days or more past due.
You can apply online by visiting https://mydhrbenefits.dhr.state.md.us.
Another way you can apply is through the postal mail, but you will need to print a copy out for yourself or request a printed application from Maryland's Office of Home Energy Programs.
Finally, you can apply online, but you will need to email or mail the required documents to the local office after your information has been taken.
Did checks lift people out of poverty?
According to the Supplemental Poverty Measure (SPM), which was released by the United States Census Bureau in September 2021, the first two rounds of stimulus money helped lift 11.7million people out of poverty.
More than $400billion in stimulus money was distributed in the first two rounds of payments in 2020.