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Getting Financial Relief: How States Are Offering Tax Refunds And Stimulus Payments To Ease The Tax Burden

The effects of inflation remain a burden for Americans, so some states are offering relief in the form of stimulus payments and tax refunds. While inflation has decreased, consumers are still feeling the pinch at the store, leading these governments to provide assistance.

The state of Massachusetts is refunding eligible taxpayers 14.0312% of their personal income tax liability based on their 2021 returns. This comes after the state collected an excess of $3 billion in taxes, prompting the law requiring the refund.

Taxpayers who want to receive a refund for 2021 have until September 15, 2023 to file their returns. Those eligible for a refund began receiving it in November via direct deposit or check.

Gov. Gretchen Whitmer and Democrats in Michigan have proposed a plan to send “inflation relief checks” of $180 to Michigan residents filing their taxes in 2022. If approved, couples filing jointly will get the same amount, while married taxpayers filing separately will each get $90.

The plan needs Republican support in order to ensure the checks are sent out quickly, as desired by Whitmer. This comes after the state reported a total of $9 billion in tax revenue surplus.

New Jersey residents must submit an application for property tax relief by Feb. 28 as part of the ANCHOR program. Eligible homeowners who make up to $150,000 will receive up to $1,500 in property tax refunds while those making from $150,000 to $250,000 get $1,000.

Tenants making up to $150,000 are eligible for a $450 check. ANCHOR stands for Affordable New Jersey Communities for Homeowners and Renters, and nearly 2 million households qualify.

Colorado residents are eligible for a refund of tax revenue as part of the Taxpayer’s Bill of Rights (TABOR). In 2021, individuals received $750 and joint filers received $1,500. To be eligible for payments in 2022, income tax returns must be filed by April 18th, and returns for wage withholding refunds must be filed by October 16th.

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