Understanding the July 2023 Stimulus Checks: Amounts and States Involved

Understanding the July 2023 Stimulus Checks: Amounts and States Involved

In the wake of unprecedented inflation levels experienced last year, various US organizations greenlit the issuance of stimulus checks and tax refunds to offer a helping hand to those severely affected. While the inflation rate has seen a significant dip in recent times, numerous states persist in the distribution of checks or tax refunds to provide much-needed assistance to their citizens. This article presents an overview of states rolling out financial aid in July and the specific amounts set aside for this purpose.

Stimulus Checks in July 2023: Participating States and Allocation Amounts

Colorado The state of Colorado has put into action the Property Tax Rebate/Rental/Heating Credit to provide financial support to its residents. To be eligible for this benefit, certain conditions must be met.

Successful applicants could receive a refund of up to $1,044 annually. If you apply within the year 2023, you stand a chance to obtain a refundable tax credit of as much as $1,000.

For applications processed and approved by June 10, payment was dispatched via direct deposit on July 5. All other payments are scheduled to be mailed on July 15. To get more details or to submit a claim, you can visit the official web portal of the program.

Massachusetts Taxpayers in Massachusetts can expect a refund amounting to around 14% of their state tax liability. Those who successfully filed their 2021 return before the September 15, 2023 deadline will receive their payment within a month of filing. Thus, if you filed your return in June, you should expect your payment in July.

New Mexico Residents of New Mexico are slated to receive a refund of $500 for individual filers and $1,000 for joint filers. Payments will be sent out in the initial days of this month to those who filed their 2021 income tax return. Taxpayers have until May 31, 2024, to file their return and qualify for a refund.

Pennsylvania has rolled out the Rental/Property Tax Refund Program, benefiting eligible citizens who are 65 years or older, widows and widowers aged 50 and above, and individuals over 18 with disabilities.

The standard maximum rebate is capped at $650, but qualifying homeowners can receive supplemental rebates, potentially increasing the total to $975. Applications were open through June 30, and payments are set to start this month.

After your claim gets approved, you can expect your refund to be mailed or direct deposited within four to six weeks. To find out more, browse FAQs, or check the status of your payment, you can visit the program’s official web portal.

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