THOUSANDS of lucky Americans are set to receive $850 in direct summer stimulus checks.
People in the Pine Tree State must file a 2021 Maine individual tax return by October 31, 2022, to get their payment.
Individuals must have an adjusted gross income (AGI) of less than $100,000, if filing single, $150,000, if filing as head of household, or $200,000 for couples filing jointly.
Read our stimulus check live blog for the latest news and updates…
Florida’s 10 tax-free holidays, part two
Mr DeSantis said in a statement: “In Florida, we are going to support our residents and help them afford the goods that they need.”
A huge benefit for Floridians will be during the entire month of October when gas is tax-free.
According to a news conference Mr DeSantis said drivers will save nearly 25 cents per gallon.
Parents with children five and under, will benefit from July 1, 2022 until June 30, 2023, as diapers and children’s clothing will be tax-free for the entire year.
Florida’s 10 tax-free holidays
Florida authorized a bill implementing 10 tax-free holidays where residents will receive financial relief on items like school supplies and gas.
This is one of the largest tax relief plans in the state’s history with $1.2billion allocated to help its residents.
This type of aid comes as inflation remains at an all time high increasing the cost of goods in nearly ever sector.
States with military tax exemptions, part five
These nine states have no state income tax and therefore won’t tax military retirement pay: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.
Meanwhile, the below 16 states offer partial exemptions on military retirement:
- New Mexico
- Rhode Island
- South Carolina
States with military tax exemptions, part four
The list also included:
- Nebraska – military retirement pay will be tax-exempt beginning Jan. 1, 2022
- New Jersey
- New York
- North Carolina
- North Dakota
- West Virginia
States with military tax exemptions, part three
There are only four states that do not offer tax exclusions for military retirement pensions: California, Vermont, Virginia and Washington, D.C.
According to the Military Wallet, the following states have a state income tax, but exempt military retirement pay:
- Indiana – military retirement pay will be tax-exempt beginning Jan. 1, 2022
States with military tax exemptions, part two
There are also states that offer special tax treatments for military pensions and some states that treat military retirement pay as ordinary taxable income.
Some states will tax up to a specific amount or will allow veterans to be exempt based on age or year of retirement.
In Arizona, up to $2,500 in military retirement pay can be excused from taxable income.
Additionally, in Kentucky, military pensions are fully exempt if a veteran retired before 1997.
States with military tax exemptions
Typically, to be eligible for military retirement benefits, veterans must serve for 20 years.
Since military retirement pay isn’t considered earned income, no Social Security is withheld.
However, the laws tend to vary state by state.
Some states have no state income tax while others will exempt military pension income from state taxes.
South Carolina Veterans could avoid income taxes, part two
According to the South Carolina Department of Veterans’ Affairs, out of the 400,000 military veterans residing in South Carolina, nearly 40,000 veterans would benefit from this bill if approved.
Representative Bobby Cox, co-sponsor of the bill, told News19: “35 states currently don’t tax military [retirement] income.”
“South Carolina will be part of that group and recruit some of those great work skills that we want to have with our veterans,” Mr Cox.
The Workforce Enhancement and Military Recognition Act will now head to South Carolina Governor Henry McMaster for approval.
South Carolina Veterans could avoid income taxes
All veteran retirees in South Carolina may soon be excused from their state income taxes.
At the state level, the bill was passed by both the House and the Senate and it may be an incentive for veterans to relocate to their state.
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.
How many stimulus checks have been issued?
So far, the government has issued three rounds of stimulus checks.
The first “economic impact payment” was worth up to $1,200 and given to low-income households in 2020.
This was then followed by a second payment worth up to $600 at the beginning of 2021.
The Internal Revenue Service (IRS) has sent a third round of cash support, which was worth up to $1,400, to hundreds of millions of Americans.
What is a stimulus check?
A stimulus check is a check sent to a taxpayer by the US government.
The checks are intended to stimulate the economy by providing consumers with spending money.
Taxpayers use the money as a way to boost consumption and drive revenue at retailers and manufacturers, spurring the economy.
Stimulus checks were not only sent out during Covid, but also during the financial crisis of 2008.
Study finds Americans financially struggling
According to CNBC, if an event like the pandemic “were to happen today, many people would still struggle financially.”
The Bipartisan Policy Center, the Funding Our Future group, and Morning Consult conducted a new survey, which yielded these results.
Considering that these government-issued direct transfers have all but disappeared, the poll found that 42 percent of working Americans are either very or somewhat financially insecure.
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
Durham, NC helping previously incarcerated residents
Previously incarcerated residents of Durham, North Carolina could be chosen for the city’s Excel pilot program.
The program will send monthly payments of $500 for a year to 115 residents.
Funds for the $700,000 pilot program will mostly be provided by Twitter co-founder Jack Dorsey.
The program is set to begin this year and continue through January 2023.
A pre-screening form is available to help determine eligibility.
What is the Essential Employee Premium Pay program?
The state said it began mailing the payments to 500,000 residents and added that the process would continue.
To be eligible, you must have worked during the pandemic in 2020.
Your income must have been at least $12,750 that year.
Are stimulus checks issued on debit cards?
If your third-round Economic Impact payment was issued through the mail you may receive it on an Economic Impact Payment (EIP) card.
EIP cards are sent in a white envelope with a return address of “Economic Impact Payment Card,” and display the US Department of the Treasury Seal.
The card has the Visa name on the front and the issuing bank, MetaBank, on the back.
States offering one-time payments, part four
Over 100,000 families in New York received a one-time payment of $250 on May 14.
Governor Kathy Hochul announced the distribution of $28million in federal pandemic funding to struggling New Yorkers with children.
The funds cover expenses incurred during the pandemic and will be administered through the state Office of Temporary and Disability Assistance.
States offering one-time payments, part three
That means Californians who own cars could get up to $800 from the state to help with high gas prices.
The bill is $9billion in total for direct payments to millions of Californians.
The proposal was still included in the revised $300billion record budget that Mr Newsom announced last week.
States offering one-time payments, part two
Minnesota Governor Tim Walz has proposed income tax rebate checks of $1,000 per couple.
The rebate is due to the state’s budget $9.25billion surplus.
However, the proposal still needs approval by the Minnesota Legislature.
States offering one-time payments
Georgia residents who filed their 2021 and 2022 tax returns will now be eligible for a one-time rebate payment based on the following tax filing status:
- Single filers/married filing a separate return will receive $250
- Heads of households will receive $375
- Married filing jointly will receive $500
- Those who filed their taxes before the law was signed will get their rebates at a later date
Augusta pays essential workers bonus checks, continued
Those who were considered non-essential workers may be eligible for stimulus checks also.
Full-time workers in non-clerical jobs in public safety, dispatch, custodial, or trash collection may be eligible for an additional $500.
Part-time employees can receive an additional $250.
Augusta pays essential workers bonus checks
The city of Augusta, Maine will use roughly $163,000 of it’s nearly $1million American Rescue Plan Act funds.
The stimulus will provide city employees with up to $1,000 for frontline workers whose jobs put them at higher risk during the pandemic.
According to Central Maine, full-time city employees will receive one-time $500 checks while permanent part-time employees will get $250.
Thousands of homeowners eligible for $2,000, part three
To check your eligibility, you can use this HFA directory.
Your HFA or approved lender may also tell you if you qualify.
To claim the credit and receive the cash, you must submit the IRS Form 8396 at the time of your tax return every year that your MCC is valid.
Thousands of homeowners eligible for $2,000, part two
Homebuyers typically receive 20 to 40 percent of their mortgage interest that they pay back.
Although, the IRS caps MCCs at $2,000 a year.
MCCs are issued by housing finance agencies (HFAs), however, not all agencies offer them.
The HFA sets its own rules, so to get an MCC, rules may vary.
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