Stimulus Check Update: States to Send Payments Amid Inflation

As the U.S. continues to face high inflation rates and fears of a possible recession, some states are planning to send out another round of stimulus payments for residents.

Multiple states have already approved new stimulus packages to ease residents' economic concerns, and some states are planning to begin sending out more payments in the coming months.

The new round of economic stimulus payments comes shortly after the U.S. experienced its largest 12-month increase in the inflation rate since 1981. Several economic experts have also warned that the country could be facing a possible recession or economic downturn in the coming months.

In Colorado, Governor Jared Polis previously signed legislation that will provide residents with a tax rebate.

Jared Polis rand Ronald Reagan, 1981
The new round of economic stimulus payments comes shortly after the U.S. experienced its largest 12-month increase in the inflation rate since 1981. In this combination image, Jared Polis delivers his state of the state address at the Colorado State Capitol Building on Thursday, January 13, 2022 and file image of Ronald Reagan (Inset) prepares a speech at his desk in the Oval Office for a Joint Session of Congress on April 28, 1981. Getty

"On May 23, 2022, Gov. Jared Polis signed a new law to give Coloradans a tax rebate of $750 for individual filers and $1,500 for joint filers this summer," the state's Department of Revenue said in a statement. "This law will provide immediate relief to Coloradans by sending you a check this summer instead of spring of 2023, and we at the Colorado Department of Revenue are working hard to make sure that you get the right tax refund amount as soon as possible."

"If you've already filed your Colorado state income tax return, you're all set! You will receive your Colorado Cash Back check by September 30, 2022," the statement added.

According to the state's Department of Revenue, for residents who received an extended tax filing deadline of October 17, 2022, the tax rebate check will be received by January 31, 2023.

Last month, Hawaii Governor David Ige signed legislation that will provide residents with a tax rebate in the coming months. According to a statement from Ige's office, taxpayers who earn less than $100,000 per year will receive a rebate worth $300 and those who earn $1000,000 or more per year will receive a rebate worth $100.

"The Department of Taxation anticipates that it will begin issuing the tax refunds in the last week of August," the statement from Ige's office said.

Several other states have also approved similar legislation, with some residents already receiving payments.

In California, Governor Gavin Newsom announced last month that "millions" of residents will be receiving stimulus checks worth $1,050 as part of the state's "inflation relief" package.

In Illinois, Governor J.B. Pritzker announced a plan to waive taxes on groceries and gas as well as to send out rebate checks to some specific taxpayers.

Other states that have signed similar legislation include Georgia, Delaware, Idaho, Indiana, Maine and New Mexico.