Stimulus checks provide immediate financial relief in times of low economic activity and high costs of living. This month, states across the nation are distributing checks with significantly loose criteria to enable the majority of residence to be provided with assistance. Rhode Island is one of these states who will be sending out tax rebates to provide immediate assistance this month to eligible residents.
Eligible residents can expect up to $750 in stimulus checks
Rhode Island is offering tax rebates through their Rhode Island Tax Rebate program. The program has been in operation since 2023. The program offers $250 dollars in tax rebates per child with a maximum payment of $750 for families with over three children. Individuals must make an income of less than $100,000 per annum while married couples filing jointly must earn less than $200,000 per annum.
The tax rebates are expected to assist over 115,000 families across Rhode Island. Filers will not need to apply as the rebate will be automatically refunded based on eligible tax filers from the end of 2021. Any parent who claimed at least one child under the age of 18 as a dependent from December 31st, 2021 on their 2021 federal and state personal income tax return will be automatically refunded the rebate.
Housing costs and rent are driving up the cost-of-living in Rhode Island
Rhode Island, like many states, is struggling with a housing crisis. A lack of available housing in Rhode Island means that rent is high as well as the costs associated with wanting to buy a home. “Fortunately, between federal funds and a one-time surplus, we were able to offer relief to Rhode Islanders in several ways, including this child tax credit that will be helpful to families during challenging times,” says Speaker of the Rhode Island Representative House K. Joseph Shekarchi.
Inflation has gone up considerably throughout all sectors in Rhode Island and not just housing. Energy costs are considerably higher than the national average in Rhode Island. On the flip side, Rhode Island is home to some of the wealthiest Americans in the nation. Currently, the most expensive home up for purchase in Rhode Island has an asking price of $30 million.
The Child Tax Rebate program will be administered by the Rhode Island Division of Taxation
“We are happy to help the Governor provide financial aid to Rhode Island families at this critical time for the state’s economy. The Division of Taxation is working now on building the processes for getting this money to taxpayers as quickly as possible,” says Tax Administrator Neena S. Savage. Tax rebates especially for low- and middle- income will significantly help families across the state.
Rhode Island joins the likes of states such as Alaska, California, Idaho, South Carolina, and Virginia who will be sending out tax rebates this month. Alaska is offering the highest rebate this month with a value of $3,200 for eligible recipients through the state’s Permanent Fund Dividend (PFD). Idaho will be sending out a second round of stimulus checks for this year.
Recently, some fake news has been circulating on stimulus payments. News that the Biden administration would be sending out tax rebates up to $185,000 for homeowners circulated at the end of last month. The news is fake and there is no evidence that such a program is even in conception. It is important to ensure that news on government comes from reliable sources, especially considering the upcoming elections.
Tab rebates will continue to provide much needed relief for individuals and families across the nation. States are offering generous programs to ensure that their citizens are receiving financial assistance. To negotiate inflation, increased economic spending is also improved when these checks are provided
