Millions eligible for tax rebates, stimulus payments

Americans continue to feel the pain of soaring levels of inflation — which is why some state governments are offering tax filers some relief in the form of stimulus payments and tax refunds.

While inflation has trickled down in recent months following record-high levels not seen since the early 1980s, consumers are still experiencing sticker shock at supermarkets — spurring a few state governments into action.

Massachusetts

The commonwealth announced that it would be providing eligible taxpayers with a refund that amounts to 14.0312% of their personal income tax liability based on their 2021 returns.

According to Massachusetts law, the state must return to taxpayers a portion of excess tax revenue if tax revenue collections exceed the annual tax revenue cap.

Massachusetts officials announced that they collected nearly $3 billion in excess taxes — triggering the statute mandating the refund.

The commonwealth began sending out refunds in November. Eligible taxpayers started receiving their refund through direct deposit or a check sent in the mail.

Those who have not yet filed their 2021 income tax returns have until Sept. 15, 2023 in order to qualify for the refund, according to the state web site.

Michigan

Gov. Gretchen Whitmer and Democratic legislators recently announced a proposed plan that would send $180 “inflation relief checks” to Michigan residents filing for the 2022 tax year.

If the plan is approved, singles filing separately would receive a $180 check, though a couple filing jointly would receive the same amount.

Married taxpayers who file separately would still receive just $90 each, according to the proposal.

Whitmer and fellow Democrats need Republican support if the checks are to be sent to Michiganders immediately, as the governor intends, according to the news site Bridge Michigan.

The state recently announced a $9 billion surplus from tax revenues.

New Jersey

Residents have until Feb. 28 to file an application for property tax relief as part of the state’s ANCHOR benefit program.

An estimated 2 million households in the Garden State are eligible for ANCHOR, which stands for Affordable New Jersey Communities for Homeowners and Renters.

Homeowners who earn up to $150,000 will receive $1,500 in property tax refunds while those making between $150,000 and $250,000 will receive $1,000.

Tenants who earn up to $150,000 will receive a check for $450.

Colorado

Residents are the beneficiaries of a state law known as the Taxpayer’s Bill of Rights (TABOR), which requires the state to refund surplus tax revenue.

In September, the state sent checks of $750 to individual filers of 2021 tax returns and $1,500 for joint filers.

The deadline to file 2022 tax returns so as to be eligible for payments later this year is April 18.

Those residents who have a Colorado income tax liability or claim a refund of wage withholding have until Oct. 16 to file and be eligible for a TABOR refund, according to the state tax site.