As the U.S. economy continues to shift, several states are taking independent action to support their residents through targeted stimulus payments or tax rebates.
In November 2024, a number of states are providing financial aid to families and individuals via tax credits, refunds, or rebate checks. Here’s a look at which states are issuing payments, the eligibility requirements, and how much residents can expect.
Tax Rebates & Stimulus Payments by State
New Mexico: Tax Rebates for Filers
New Mexico has rolled out a tax rebate program for residents who filed their state tax returns by May 31, 2024. The rebates aim to provide essential financial support:
- Eligibility: New Mexico residents who filed 2023 state taxes.
- Rebate Amounts:
- $1,000 for married couples filing jointly, heads of households, and surviving spouses.
- $500 for single filers and married couples filing separately.
- Distribution: Payments are issued automatically as tax returns are processed, so eligible residents can expect funds without additional steps.
This rebate is part of New Mexico’s ongoing efforts to return surplus state funds to taxpayers and support residents’ financial stability.
Arizona: Families Tax Rebate
Arizona is launching its Families Tax Rebate as part of the state’s 2024 fiscal budget. This program will benefit hundreds of thousands of families by providing a stimulus payment per dependent:
- Eligibility: Arizona residents with qualifying dependents on their 2021 tax return.
- Rebate Amounts:
- $250 for each dependent under age 17.
- $100 for each dependent age 17 or older.
- Distribution: Payments will begin in November 2024, ensuring timely support for families as part of the state’s budget plan.
This initiative is designed to offer targeted relief to families and support household expenses, particularly as inflation impacts daily living costs.
Colorado: TABOR Refunds
Colorado continues its Taxpayer’s Bill of Rights (TABOR) refund program, redistributing surplus state funds back to residents. For 2024, Colorado has equalized refund amounts to ensure equitable distribution:
- Eligibility: Colorado residents who filed their state tax returns.
- Refund Amounts:
- $847 for single filers.
- $1,694 for joint filers.
Colorado’s program emphasizes fair access to rebates, especially benefiting lower-income residents who may rely more heavily on these funds. The TABOR refunds reflect Colorado’s commitment to returning surplus funds to taxpayers and supporting financial well-being statewide.
Maryland: Enhanced Child Tax Credit
Maryland is extending its child tax credit for another year, offering substantial support to families with young children and children with disabilities:
- Eligibility: Families with children under six or children with disabilities.
- Credit Amount: Up to $500 per eligible child.
The child tax credit aligns with Governor Wes Moore’s broader plan to reduce child poverty. This credit will reach approximately 40,000 families, providing financial support specifically to households most in need.
California: Expanded Tax Credits for Families
California’s 2024 budget has introduced additional financial support for families through enhanced tax credits:
- One-Time Child Tax Credit: Up to $3,600 per qualifying child for families meeting specific income criteria.
- Young Child Tax Credit: Up to $1,083 for families with children under six who qualify for California’s earned income tax credit.
California’s expanded tax credits underscore the state’s commitment to reducing economic disparities and supporting low- and middle-income families. With these credits, California aims to address child care and household expenses, providing meaningful financial relief to working families.
Summary of State Stimulus Payments
| State | Program | Amount | Eligibility |
|---|---|---|---|
| New Mexico | Tax Rebate | $1,000 (joint), $500 (single) | Filed 2023 state taxes |
| Arizona | Families Tax Rebate | $250/child (under 17), $100/child (17+) | Dependents on 2021 tax return |
| Colorado | TABOR Refund | $847 (single), $1,694 (joint) | Filed state tax return |
| Maryland | Enhanced Child Tax Credit | Up to $500 per child | Children under six or children with disabilities |
| California | Child and Young Child Tax Credit | $3,600 (child credit), $1,083 (young child credit) | Qualifying income and residency |
Each state has implemented a distinct program with unique eligibility criteria, targeting different aspects of financial need. Residents can expect these payments in November or soon after, depending on processing times.
