Image source: Getty Images
Given the number of rumors and false starts surrounding additional stimulus payments, it makes perfect sense that so many Americans have questions. If you're curious about what's going on, keep reading. Here, we're breaking down four of the most commonly asked stimulus-related questions.
1. Does the federal government plan to send another round of direct stimulus payments?
As of this writing, the federal government has no plans to send another stimulus payment. In light of the low unemployment rate, it's doubtful that new pandemic-related funds are on the way.
2. Which states have provided (or plan to provide) stimulus payments?
With excess stimulus funds plumping their budgets, 10 state legislatures are turning some of the money over to state residents. Here's a list of the 10 states and how much each is sharing:
- Colorado: In the upcoming months, single Coloradans can look forward to receiving $400 and joint filers $800 in tax rebates.
- Delaware: A $300 rebate has been earmarked for single residents of The First State, and for couples, the amount is $600.
- Georgia: Georgia residents who have filed their 2020 and 2021 tax returns are eligible to receive a rebate payment of between $250 and $500.
- Hawaii: Hawaiians earning less than $100,000 annually will receive $300, and those earning more than $100,000 can look forward to an extra $100 rebate payment.
- Idaho: Idaho residents will receive either $75 or 12% of their 2020 Idaho state taxes.
- Indiana: Indiana residents began to receive a one-time tax refund of $125 after filing their 2021 tax returns.
- New Jersey: Close to 1 million New Jersey families are about to have an extra $500 in their bank accounts thanks to a $500 rebate check. In addition, New Jersey residents who use a taxpayer identification number rather than a Social Security number to file their taxes will receive a $500 payment.
- New Mexico: New Mexico legislators came up with several cash plans. The first (to be sent in July) is a rebate of $250 to taxpayers earning less than $75,000. All taxpayers will receive $500 (joint filers are slated to receive $1,000). The payments are to be split in two, with the first half arriving in July and the second in August. State residents who are not required to file tax returns will receive a rebate of $500 (those with dependents will receive $1,000).
- Maine: One of the first states to send state stimulus payments is Maine, with payments up to $850 for income-eligible residents.
- Minnesota: Frontline workers are being thanked for their efforts with a one-time payment of $750.
3. How can I find out if my state plans to send stimulus money?
If you don't see your state listed here and want to know if there is a stimulus plan in the works, your state representative's office is the best place to find up-to-date information. You can find contact information for your local representative on this website.
4. Is there anything else in the pipeline?
As of this writing, the average cost of regular unleaded gasoline nationwide is $4.84 per gallon. To put that in perspective, filling a 15-gallon tank costs at least $72.60.
Gas prices have been on the rise since Russia invaded Ukraine in February. By the end of March, Democratic lawmakers Mike Thompson, John Larson, and Lauren Underwood had proposed the Gas Rebate Act of 2022. If passed, the proposal would send a $100 energy rebate to Americans each month the national average price of gasoline surpasses $4 per gallon.
Here's how the plan would work:
- Once average gasoline prices exceed $4, the rebate is triggered.
- Families receive $100 per dependent.
- The rebate phases out for individual tax filers with an adjusted gross income of over $75,000, and for couples earning more than $150,000.
While there is no word on how the bill would be funded, it is currently with the Ways and Means Committee.
As we watch plans unfold on the state level, it's important to remember that millions of Americans were financially hurt by the COVID downturn. While state rebates are helpful, it could take years to fully recover.
Alert: highest cash back card we've seen now has 0% intro APR until 2023
If you're using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2023, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Dana George has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
