Home New mexico tax Hurry – the time to get inflation relief checks is running out

Hurry – the time to get inflation relief checks is running out

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Residents of eight of the 17 states that have created inflation-fighting programs to help people fight rising inflation must work quickly to ensure they receive their payments.

While those states have sought to help residents with extra cash, the nationwide approach taken by the Federal Reserve Bank has been to raise interest rates and discourage spending. This month, economist Chris Thornberg of Beacon Economics told Audacy’s podcast “The Homestretch” that the Fed’s approach was “dumb.”

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“The real problem is again, the Fed is stupid,” Thornberg told KCBS Radio host Doug Sovern in San Francisco. “I mean, okay, so you just created this problem by printing way too much money and putting it in people’s and businesses’ checking accounts. Now, how are you trying to solve this problem? Driving up interest rates? What?”

Which states have offered inflation relief?

Inflation rose 0.4% in September, bringing the total increase over the previous 12-month period to 8.2%, according to the Bureau of Labor Statistics. For economically vulnerable people, this increase could make it difficult to buy basic necessities.

So the following states have programs in place for those who qualify, according to CNBC: California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, New Jersey, New Mexico, New York, Pennsylvania, South Carolina and Virginia.

“The effort is primarily funded by excess tax revenues, either in the form of automatic refunds mandated by state law or through legislation specifically aimed at addressing the costs of rising inflation,” CNBC explained. Eligibility varies by state.

Which residents would have to rush the most to be sure of relief?

CNBC reported Friday that the deadline to submit eligibility for relief in four states is approaching this month: Colorado, Georgia, Maine and Massachusetts.

To be eligible, individuals must ensure that their recent tax returns have been filed. While Maine filers have until Halloween, taxpayers in other states have until Monday, Oct. 17 to meet their deadline.

Residents of other states also have a looming deadline…

For filers in three other states, the deadline for getting inflation relief comes before the end of the year: Hawaii, Idaho and Virginia.

In Hawaii and Idaho, the deadline is December 31. In Virginia, it arrives on November 1. As in other states, recipients must file their recent tax returns.

Although Caroline from the south originally had an October 17 deadline, it extended it to February 15 for late filers due to Hurricane Ian.