With the ever-changing economic landscape, several U.S. states are stepping up to offer financial relief to their residents through stimulus payments in the form of tax rebates in November 2024.
These tax rebates are designed to provide essential support to families and individuals, showcasing each state’s distinct strategy for distributing surplus funds or extending ongoing assistance programs.
Tax rebates as stimulus checks
In New Mexico, a rebate program has been introduced for residents who filed their state taxes by May 31, 2024. This initiative provides:
- Up to $1,000 for married couples filing jointly, heads of households, and surviving spouses.
- Up to $500 for single filers and married couples filing separately.
Payments will be automatically issued once the tax returns are processed, ensuring eligible residents receive their funds promptly.
Meanwhile, Arizona is rolling out the Families Tax Rebate as part of its 2024 fiscal budget, aimed at benefiting approximately 743,000 citizens. This program includes:
- A stimulus payment of $250 for each dependent under the age of 17.
- A stimulus payment of $100 for dependents over the age of 17.
The rebates are based on 2021 tax returns, with the goal of providing families with much-needed support. Residents can expect these payments to commence in November.
Colorado’s Continued Commitment to Taxpayer Relief
Colorado is once again implementing its TABOR refund program, aimed at redistributing surplus state funds back to its taxpayers. For the year 2024, single filers will receive a refund of $847, while those filing jointly can anticipate $1,694.
A significant change this year is the equal distribution of these stimulus payments, ensuring that lower-income residents benefit from an increase in their refunds.
Maryland’s Child Tax Credit Enhancement
In Maryland, families are set to gain from an extended child tax credit program that continues into 2024. Eligible taxpayers can receive up to $500 per child under six or for children with disabilities.
This initiative is part of Governor Wes Moore’s broader strategy to combat child poverty, aiming to assist approximately 40,000 residents statewide.
California’s Generous Tax Credits for Families
The 2024 budget in California introduces a one-time child tax credit of up to $3,600 per qualifying child. In addition, the state is offering a young child tax credit worth up to $1,083 for families with children under six who qualify for the California earned income tax credit.