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In late June, South Carolina became the latest state to combat rampant inflation and the growing threat of recession with a plan to send an income tax rebate check to eligible residents. Gov. Henry McMaster signed a tax cut bill that will also see taxpayers receive up to $800 in late November or December. California is also sending tax rebates in the form of inflation-relief checks.
The federal government issued three rounds of stimulus checks during the height of the pandemic. It's unlikely to send more this year, but at least 17 states have issued or are in the process of sending out tax rebate payments.
Here's where residents should keep an eye out for tax rebates, how much they can expect to get and when the funds could arrive.
For more info on economic relief, check out plans for statewide child tax credits, as well as gas rebate checks and gas tax holidays across the US.
California
Gov. Gavin Newsom and state lawmakers have agreed to send millions of Californians inflation relief checks as high as $1,050 for a married couple with at least one child. The payments, which are coming out of California's $97 billion budget surplus, will go out as direct deposits or debit cards by 2023, The Sacramento Bee reported, with the first payments going out as soon as October.
How much residents receive is based on their income, tax-filing status and household size.
- Single taxpayers who earn less than $75,000 a year and couples who file jointly and make less than $150,000 a year will receive $350 per taxpayer and another $350 if they have any dependents. A married couple with children, therefore, could receive as much as $1,050.
- Individual filers who make between $75,000 and $125,000 a year -- and couples who earn between $150,000 and $250,000 -- will receive $250 per taxpayer, plus another $250 if they have any dependents. A family with children could therefore receive a total of $750.
- Individual filers who earn between $125,000 and $250,000 and couples who earn between $250,000 and $500,000 annually would receive $200 each. A family with children in this bracket could receive a maximum of $600.
Single taxpayers earning $250,000 or above and couples earning a combined $500,000 aren't eligible for the payments.
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