In the US, inflation reaches a new peak 0:58
(CNN Spanish) --
Some states in the United States, such as California and Illinois, offer economic relief checks to their residents to mitigate the impact of inflation that has skyrocketed in the country.
With consumer prices rising 9.1% year-on-year, inflation reached the highest level in more than 40 years and surpassed May's record when prices jumped 8.6% on the year, according to the Bureau of Labor Statistics.
Additionally, the June Consumer Price Index (CPI) also showed that the overall costs consumers pay for a number of goods and services rose 1.3% from May to June.
Inflation is hitting the black and Hispanic population even harder.
We explain why
Now some Americans are cutting back on discretionary spending and dipping into their savings, said Scott Hoyt, senior director at Moody's Analytics.
"Clearly the fact that costs are rising so high, and for many people, higher than their wages, is having an impact," Hoyt said.
These are the financial aid proposals for residents of some states:
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California
California Governor Gavin Newsom signed a $308 billion state budget on June 30, part of the money — $9.5 billion to be exact — will be earmarked for direct aid checks, according to a statement from the office. of the governor.
Inflation relief checks in California: who can collect up to $1,050?
These economic relief checks are officially called the "Middle Class Tax Refund."
In-state taxpayers who reported a California adjusted gross income (CA AGI) of $150,000 or less on their 2020 return could get a check for $1,050 or $700, either whether they have declared a dependent or not.
For the same CA AGI, but head of household or surviving spouse, the payment could be between $700 and $350. The California government has a calculator and table to estimate how much money you could receive.
People who meet a series of requirements will automatically qualify for the "Middle Class Tax Refund" that will begin to be deposited to Californians from October of this year and until mid-January 2023.
South Carolina
In late November or December, South Carolinians will receive a full refund for those who paid up to $800 on their tax return.
However, those who did not pay income taxes will not receive a refund.
In addition, from August 5 to 7, the state will have a tax-free back-to-school weekend, so a variety of products, such as clothing, school supplies, backpacks and computers, will be exempt from the state sales tax. 6% sales.
Colorado
Coloradans who have filed their taxes will be able to receive the Colorado Cashback of $750 for individuals and $1,500 for joint filers.
“We're providing real relief when Coloradans need it most.
Everyone in our state is feeling the impact of rising costs, and I refuse to let the government keep taxpayer money when it could be used to make life a little easier for the people of our state," he said. Colorado Governor Jared Polis in a press release.
The Colorado Cashback economic relief will reach residents before September 30, 2022.
Delaware
In May 2022, the state Department of Finance created the 2022 Delaware Relief Refund Program, offering a one-time direct payment of $300 per Delaware resident taxpayer.
Payments will be made during the summer to those adults who have filed their 2021 tax return.
Illinois
Starting July 1, the Illinois Family Relief Plan went into effect to help residents provide food, gas and property tax relief.
The US$1.83 billion plan includes various tax exemptions, such as a temporary tax reduction on:
Groceries:
The 1% state sales tax on groceries will be suspended from July 1 to June 30, 2023.
Gasoline:
The fuel tax increase will be delayed from July 1 to January 2023.
School Supplies:
Sales tax on clothing and school-related items will be reduced from 6.25% to 1.25% for a 10-day period from August 5-14.
Additionally, individuals who earned less than $200,000 in 2021 will receive a $50 refund and couples who filed jointly with income less than $400,000 will receive $100. Taxpayers will also receive $100 for each dependent. (maximum 3) that they claimed on their 2021 tax return.
A rebate of up to a maximum of $300 is also offered for eligible homeowners.
The City of Chicago has a separate program that offers 5,000 city residents—selected through an open application and lottery—$500 per month for twelve months.
Georgia
Because the state experienced a revenue surplus—an excess of income over expenses—Georgia residents could receive an additional 2020 income tax refund. For example, taxpayers who filed under the filing status of Singles could receive a maximum refund of $250, heads of households could receive a maximum of $375, and married filing jointly could receive a maximum of $500.
Indiana
Many Indiana taxpayers will receive a $125 refund under Indiana's "Excess Reserve Use" law.
The first round of direct deposits was already issued in May and the third round was made on July 1.
The Additional Taxpayer Refund (ART) will continue to be sent “as individual tax returns are received and processed” for 2020.
As of July 6, the Indiana Department of Revenue had issued more than 1.5 million automatic refunds to more than 2 million taxpayers, the state government reported.
Hawaii
In response to the impact of the covid-19 pandemic, the Governor of Hawaii, David Y. Ige, signed two bills in June to financially support its residents.
SB 514 provides a $300 per person tax refund for taxpayers who earn less than $100,000 a year, and $100 for those who earn more than $100,000 a year.
Refunds also apply to dependents.
In addition, HB 2510 will increase the current state minimum wage from $10.10 to $12 in October, and by 2028, the hourly minimum wage will be $18.
Maine
The Maine government will send an $850 relief check to an estimated 858,000 people in order to help residents who are "dealing with rising costs as a result of pandemic-driven inflation."
To be eligible for this payment, individuals must file their tax return by October 31, 2022 as a year-round resident of Maine.
Eligible residents must not be claimed as a dependent and must have a Federal Adjusted Gross Income (FAGI) of less than:
US$100,000 if you declare single or if you are married and file your return separately.
$150,000 if you file as head of household.
$200,000 for couples filing jointly.
Minnesota
Frontline workers in Minnesota will receive direct payments.
To be eligible for a one-time payment of up to US$1,500, the frontline worker must meet a series of requirements.
The Minnesota government has a detailed guide in Spanish with instructions on how to request the payment and who is eligible to receive it.
The application dates are from June 8 to July 22, 2022.
New Jersey
Beginning July 2, the New Jersey government began sending a tax refund check of up to $500 to those residents who filed their 2020 tax return.
To qualify, you need:
Have been a resident of New Jersey for the entire year.
Have declared at least one child as a dependent.
Have a tax balance of US$1 or more.
Have gross income of $75,000 or less for single or married filing separately or have gross income of $150,000 or less for married individuals filing jointly, as head of household or surviving spouse.
New Mexico
The state approved multiple rebates for New Mexico taxpayers, as well as economic relief checks for residents who are not required to file taxes.
Residents who filed their 2021 tax return as married couples filing jointly, heads of households, or surviving spouses with income less than $150,000 will receive an automatic $500 refund.
Single taxpayers or married individuals who filed separately and who have income less than $75,000 will receive an automatic refund of $250.
Payments will be made in June and August 2022.
In addition, economic relief checks will also be sent to New Mexico residents who do not file tax returns.
Households of married couples or single people with one or more dependents will receive $1,000, and households of single people will receive a payment of $500.
Pennsylvania
Pennsylvania's rebate program benefits eligible residents age 65 and older, widows and widowers age 50 and older, and individuals age 18 and older with a disability.
The maximum standard rebate is $650, but supplemental rebates for qualified homeowners can increase rebates to $975, according to the state Department of Revenue.
Eligible residents must visit the MyPATH website or submit a paper application by the extended deadline of December 31, 2022.
Virginia
Beginning in September, Virginia residents could receive a one-time tax refund payment.
Taxpayers who filed an individual return will receive up to $250 and those who filed a joint return will receive up to $500.
Virginia residents must file their tax return by November 1 in order to receive the refund.
CNN's Chris Isidore and Alicia Wallace contributed to this report.
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