As Independence Day approaches, millions of people in the United States are looking forward to getting extra money, whether it’s from a government stimulus check or a state rebate program.
The federal government has not, however, approved a new stimulus plan like the ones that were given during the COVID-19 pandemic. Instead, many states are still giving local help to people with low incomes, families with children, or people who are eligible for certain tax breaks.
What kinds of stimulus funds could you get before July 4?
Most of the deposits that are being sent out right now are for programs like the Child Tax Credit (CTC), tax refunds, and benefits linked to inflation. In some cases, these payments are made ahead of time so that the recipients get the money during the holidays. This is done to help the economy during times when families are spending more.
Some taxpayers don’t always understand how these payments work, though, which can cause confusion and unrealistic hopes in some states.
For instance, people in California who changed their bank information on time for the Middle Class Tax Refund program are still getting their money back. Additionally, some states, like Texas and Colorado, have agreed to give extra money to families who have been hurt by inflation. The amounts and requirements change depending on the area and the type of person receiving the aid.
Personal finance and tax policy experts say that citizens should check the websites of the Internal Revenue Service (IRS) and state governments to make sure they know exactly when their deposits will be made and what they need to do to get these payments. That way, people won’t have false hopes or be able to commit fraud because of wrong information.
Some state governments have payment schedules that work with the week of the national holiday, even though there isn’t a special federal stimulus check for July 4. As an example, Alaska, Maine, New Mexico, and New Jersey all have ongoing rebate programs for people who live there.
States that have to pay more for July 4
- The Permanent Fund in Alaska continues to send yearly checks to people who can show they have lived in the state for a certain amount of time. Low- to moderate-income homeowners and renters in Maine can get refunds through the Property Tax Fairness Credit. This is a tax break meant to help them pay their property taxes. New Mexico, on the other hand, helps people deal with inflation and the rising cost of living by giving them one-time economic aid payments based on their tax returns.
- Because each state has its own rules, deadlines, and requirements for these payments, people who are supposed to get them should carefully read the official information from their state’s revenue offices to see if they are eligible for any extra checks before or during the first week of July.
- It is important to know that there will be no more government stimulus money for Independence Day in 2025 if the states don’t pay. Families should plan their budgets with the knowledge that most programs that help with money come from local sources and not from new money that the IRS has approved.
- Overall, it doesn’t look good for getting extra government payments, but state programs are still very important for many families. The important thing is to know what’s going on and take care of existing aid ahead of time, instead of depending on rumors or false promises of checks that don’t exist. By planning ahead, families will be able to get their finances in order and enjoy the Fourth of July with more peace of mind.
