Fourth Stimulus Checks:
Fourth stimulus checks from the federal government might seem unlikely at this point, states are doing their part to ensure that federal stimulus money is distributed. As part of the US Rescue Plan stimulus relief bill, states were allocated more than $ 200 billion to spend on their economic recovery from the COVID-19 pandemic.
States have until the end of 2021 to hand over their money, and governors have already started distributing cash where they feel their states need it most.
State Fourth Stimulus Checks
Some residents of the following states may be eligible for stimulus money.
California is currently the only state that has sent a type of “stimulus” check with its own money. California has a state budget surplus, in large part due to its unique tax system. California has a progressive income tax program, which means that the more you earn, the more you pay in taxes. This, plus a thrifty budget, provided enough money for actual checks in the amount of $ 500 or $ 600 to residents earning between $ 30,000 and $ 75,000 per year. This is in addition to the $ 500 that will be paid to households with dependent children.
Colorado is sending $ 375 to those who received at least one unemployment payment between March 15, 2020 and October 24, 2020. Higher-income workers who qualified for more than $ 500 a week in basic unemployment benefits are not eligible, CPR News reported.
Maryland passed legislation several months ago to repeal all state and local taxes on unemployment benefits and included immediate stimulus payments of $ 500 for families and $ 300 for individuals who applied for the Earned Income Tax Credit.
New Mexico’s state stimulus program has earmarked $ 5 million to be distributed to New Mexicans who did not qualify for federal stimulus payments, KRQE reported.
Federal Financing – Retention Bonds
Several states have decided to use some of the federal money as retention bonuses for their teachers, as most schools are expected to open in person this year, AS reported. The bonuses also act as a “thank you” for the particularly rough school year that most of the teachers had to endure.
Florida issued a $ 1,000 check to most teachers and administrators, but a controversy arose when Governor DeSantis left out some educators. The situation is still developing.
Trusted CPA company in Florida Accu Tax
Georgia has one of the most generous plans, with Governor Kemp authorizing all full-time teachers and administrators to receive checks of $ 1,000, and part-time teachers receiving $ 500. There is also a plan in place to provide education to pre-kindergarten educators.
Although a retention bond like the one for Georgia and Florida has yet to be defined, Michigan sent out $ 500 hazard pay bonds to their teachers earlier in the year.
The Tennessee state government passed a bill in June that removed an expected 2% increase and replaced it with a $ 1,000 check labeled a hazard pay bonus for full-time teachers. Part-time teachers receive $ 500. Eligible individuals will receive their checks before the end of the year.
The state of Texas has not confirmed a statewide retention bonus, but certain districts are doing their part for teachers. Fort Worth and Arlington will increase pay by 4% for all district employees. Denton and Mansfile teachers will receive a 2% raise. Denton employees also