In 2024, several U.S. states are poised to distribute stimulus checks to their residents, offering financial relief through various programs. These payments, ranging from a few hundred to over a thousand dollars, are part of efforts to support citizens in the aftermath of the COVID-19 pandemic, with some states utilizing leftover funds from the COVID-19 recovery initiatives. Here’s an overview of what some states are planning:
Arizona’s Family-Focused Relief
Arizona is introducing the Arizona Families Tax Rebate as part of its 2024 fiscal budget. Approximately 743,000 residents are expected to benefit from this program, which offers up to $750 per household. The rebate includes $250 for each dependent under 17 and $100 for dependents over 17, based on the household’s 2021 tax returns.
California’s Child Tax Credits
California is set to provide a one-time child tax credit in 2024, with up to $3,600 available per qualifying child. Additionally, a young child tax credit of up to $1,083 per tax return is available for families with children under 6 who qualify for the California earned income tax credit.
Colorado’s Equalized TABOR Refunds
Colorado plans to issue TABOR refunds estimated at $847 for single filers and $1,694 for joint filers. The state expects to return about $3.28 billion to taxpayers. Unlike previous years, these refunds will be equalized, meaning higher-income earners will receive less than usual, while lower-income recipients will get a bit more.
Maryland’s Continued Child Tax Credit
Maryland is extending its child tax credit into 2024, offering up to $500 per child under 6 or with a disability. Governor Wes Moore has highlighted this initiative as part of his strategy to combat child poverty, benefiting an estimated 40,000 taxpayers.
New Mexico’s Tax Rebate Opportunity
New Mexico residents have until May 2024 to file their tax returns and qualify for a rebate check of up to $1,000. This rebate is available for married couples filing jointly, heads of households, and surviving spouses, with single filers and separate filers eligible for up to $500.
These initiatives reflect a continued effort by states to provide financial assistance to their residents, addressing the ongoing economic challenges and supporting families in need.