In the ongoing landscape of economic policies, the year 2024 brings forth a notable focus on state contributions, particularly in the realm of direct payments.
As states play a pivotal role in shaping and implementing financial initiatives, the spotlight is now on discerning which states are actively engaged in issuing direct payments.
This overview aims to shed light on the diverse approaches adopted by states across the nation as they navigate economic strategies, addressing the key question of how various states are contributing to direct payments in the year 2024.
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State Contributions to Direct Payments in 2024
California
In California, individuals can benefit from a singular tax credit amounting to a maximum of $3,600.
Additionally, the state has implemented a specialized “young child tax credit,” providing a potential benefit of up to $1,083 for those eligible for the California earned income tax credit and with a child below the age of 6.
Furthermore, there is an automatic increase in the tax credit for individuals filing their 2021 taxes before April 18, 2025.
Colorado
In Colorado, taxpayers are set to receive TABOR refund payments, with eligible single filers obtaining $847 and couples filing jointly receiving $1,694.
This marks the first time that all taxpayers will receive the same amount.
The state’s collection in 2023 exceeded TABOR rules by $3.6 billion, leading to the surplus being returned to taxpayers.
Arizona
In Arizona, Governor Katie Hobbs has sanctioned a new rebate program, providing eligible taxpayers with $250 for each dependent aged 17 and older, with a maximum allowable rebate of $750.
New Mexico
In New Mexico, eligible individuals can receive a rebate check of up to $1,000.
This payment is applicable to those who filed their 2021 tax return by May 31, 2024, and were not claimed as dependents on another tax return.
Single filers are eligible for $500, while couples filing jointly can expect to receive up to $1,000.
Maryland
In Maryland, an annual child tax credit is available, providing up to $500 per child.
This credit is aimed at families with a child below the age of 6 or with a disability.
Approximately 40,000 taxpayers are eligible for this credit, and to qualify, one must have a federally adjusted gross income of $15,000 or less.