NEW HOPE FOR MORE STIMULUS PAYMENTS has emerged when lawmakers approved $850 one-time checks with no income cap. According to Maine Public Radio, Republican lawmakers are aiming to give more one-time payments to Maine taxpayers as part of a $1.2 billion income surplus.
Republican lawmakers agreed to distribute the $850 cheques to people across Maine, as proposed by Democratic Governor Janet Mills. If the idea is adopted, Maine citizens might receive “stimulus cheques” as early as June.
As the budget plan nears completion, key Republicans outlined their goals at the end of March. Republicans, on the other hand, want all Maine income tax filers to receive the one-time payment, regardless of their income, which is distinct from Mills’ proposal.
Mills proposes that only those earning less than $75,000 per year, or couples earning less than $150,000 per year, receive the one-time payments. According to WGME, Mills’ idea is to return a portion of the state’s budget excess to taxpayers in the form of $850 direct payments.
If payments are accepted, there is now a push to get them out even faster by transferring the money online rather than by physical checks. Even though some legislators want to speed things up even further by employing direct deposit, the initiative has bipartisan backing.
Maine has never utilized direct deposit before, and the state’s Department of Administrative and Financial Services warns that moving to it could cause logistical problems, causing payments to be delayed.
“Maine Revenue Services believes that only about half of the estimated 800,000 taxpayers who will be eligible for this relief have appropriate banking information on file.” In a statement, they added, “This is the fundamental reason why DAFS believes paper checks to be the most trustworthy means of distribution at this time.”
According to the state, electronic payments are still being considered. A two-thirds majority in the log money Talks New Stimulus Check Prospects Include $850 One-time Payments With No Income Cap, Which Are Backed by Legislatorsislature is required for the plan to pass. Maine has an $822 million budget surplus.
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Governor Mills had suggested $500 one-time rewards to an estimated 800,000 taxpayers. While Maine residents await the outcome of the proposal, taxpayers around the country are being reminded to double-check their bank accounts because over 600,000 Americans are still due $1,400 stimulus payouts.
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According to the Tax Inspector General for Tax Administration report, almost 175 million third-round checks have already been given, while an estimated 644,705 persons may be entitled to the payouts. It means that $1.6 billion is still owed to the company.
Although the IRS will not be issuing first, second, or third round stimulus payments, taxpayers should double-check their accounts. If your account shows that you received a check but did not receive the cash, you should request a payment trace from the IRS.
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Taxpayers who did not receive a check or did not receive the full amount due to them can apply for a Recovery Rebate credit. Meanwhile, tax rebates of hundreds of dollars are being distributed to households. The Idaho State Tax Commission will begin delivering 2022 rebates this month.
