Mitigating The Effects Of High Inflation Through Rebate Programs

States such as Minnesota are offering tax rebate programs to help with the effect of high inflation felt by their residents.

These rebate programs offered by some states will address economic challenges such as the effects of high inflation. (Photo: Parents)

Combating The Effects Of High Inflation

States like Massachusetts, Minnesota, Montana, Alaska, New Mexico, and Washington, which are suffering from the effects of high inflation, are providing tax rebates or refund programs to their residents.

These programs that are designed to mitigate the effects of high inflation are made to offer additional financial assistance to the residents of the said states. These measures aim to address economic challenges and mitigate the effects of high inflation.

According to a published article by Smartnews, the refund amounts to help with the effects of high inflation and eligibility criteria vary by state, but they can range from 14% of state tax liability in Massachusetts to up to $2,500 in tax credits for married couples filing jointly in Montana.

Additionally, Alaska residents have access to the Permanent Fund Dividend, an annual disbursement derived from the state’s mineral revenue.

The Child Tax Credit

In a published article by Yahoo Finance, the child tax credit is a tax break that can reduce your federal income tax liability to zero for qualifying families with dependent children under 17.

It is a nonrefundable credit, meaning it can’t generate a refund, but it is subtracted dollar-for-dollar from your tax bill. The additional child tax credit is a refundable portion of the child tax credit for eligible families who owe less in taxes than the amount of the child credit.

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