As the year draws to a close, the last two months are marked by holidays like Thanksgiving, Black Friday, Christmas, and New Year’s. For many, these festive days bring an extra financial boost thanks to stimulus checks and tax refunds. In 2024, various states in the U.S. are offering special payments aimed at alleviating the financial burden of their residents, particularly for low-income families. Here’s a breakdown of the upcoming payments and their details.
California: Child Tax Credit Payments
California is offering significant support for families with children through the Child Tax Credit (CTC). Payments are set to arrive soon, with qualifying families potentially receiving up to $3,600 per child. In addition to this, families with children under six years old who meet the requirements could receive up to $1,083. These payments are part of the state’s efforts to support families struggling with rising living costs and inflation. Eligible residents can expect these payments before the holiday season, providing a much-needed financial cushion.
New Mexico: Rebate Program
For those residing in New Mexico, a rebate program is on the horizon. This initiative targets individuals who filed their tax returns by May 31, 2024. Married couples filing jointly are eligible for up to $1,000, while individual filers—whether married or single—can receive up to $500. This program is designed to provide relief to New Mexico residents and help them manage everyday expenses as they approach the end of the year.
Colorado: TABOR Program Refunds
In Colorado, residents can look forward to receiving refunds through the Taxpayer’s Bill of Rights (TABOR) program. TABOR is designed to redistribute excess state funds back to taxpayers. For singles, the refund amount is $847, while joint filers will receive $1,694. These refunds are part of the state’s fiscal policy, ensuring that any surplus funds benefit the people directly. Colorado residents can use this financial support to ease holiday spending and other seasonal costs.
Arizona: Family Tax Program Refunds
Arizona is offering a financial boost to families under its Family Tax Program, with refunds set to benefit approximately 743,000 residents. The program provides $250 per dependent under 17 years old, and $100 for dependents over the age of 17. These refunds are based on 2021 tax returns and are targeted at helping low-income families manage rising expenses. With this support, Arizona families can enjoy a more stress-free holiday season.
Maryland: Extended Tax Credit for Families with Young Children or Special Needs
Maryland has extended its tax credit program through 2024, with a special focus on families with children under the age of six or with members who have special needs. It is estimated that up to 40,000 households will benefit from these payments, which will provide $500 per child or person with special needs. This initiative aims to ease the financial burdens on families who may have additional caregiving responsibilities or medical costs, allowing them to better enjoy the holidays.
Conclusion
As 2024 comes to an end, these state-level financial aid programs offer valuable support to families and individuals in need. Whether through child tax credits, rebates, or other forms of assistance, residents in California, New Mexico, Colorado, Arizona, and Maryland are set to receive payments that can help ease financial pressures during the holiday season. With inflation still impacting many households, these measures are a welcome relief, enabling families to focus on celebrating the holidays with a bit more financial peace of mind.
