Stimulus Update: How Much Will Your Next Stimulus Check Be For?
Is another stimulus check headed your way?
- Some states are sending out stimulus checks.
- Lawmakers on the federal level have also proposed additional payments.
- Here's how to figure out how much your next payment might be.
If you're one of the millions of Americans eagerly awaiting another COVID-19 stimulus check in your bank account, it's important to know both whether you're likely to get another payment and how much it will be for.
The answer to this question isn't so simple -- but there are ways to figure out if you're in line for more money and how much you might get.
Will you get more stimulus money?
Currently, there is no legislation on the federal level that has been signed into law to provide another stimulus payment. However, there are a number of different proposals on the table in Washington D.C. that could lead to more cash coming to your bank account. For example:
- Some lawmakers have put forth plans to provide money to help people deal with rising gas prices. These proposals include the Big Oil Windfall Profits Tax as well as The Gas Rebate Act of 2022. Both would offer targeted relief because gas prices have nearly doubled year over year.
- President Joe Biden has proposed the continuation of the expanded Child Tax Credit as part of his signature Build Back better legislation. The American Rescue Plan Act expanded the Child Tax Credit for 2021, authorizing payments of $3,600 per child under age 6 and $3,000 per older child. Build Back Better would continue these payments in 2022 and potentially for several additional years.
Numerous states have also either passed legislation to provide stimulus money to their residents or are considering doing so. States where stimulus payments have already been authorized include California, Delaware, Indiana, and Illinois. Legislation is currently being considered in Pennsylvania, among other locales.
How much will your next stimulus payment be for?
Unless you live in one of the states that has already passed a law to send out more stimulus money, there is no guarantee you will get another payment at all. So your next check could be $0 unless the federal government acts.
If you live in a state where payments are being distributed, you can typically check with your state's department of Health and Human Services or your state's Department of Revenue to find out how much money is coming.
If you don't live in a state providing stimulus money, then most likely you will not get any direct payments going forward. However, if the Big Oil Windfall Profits Tax were to pass, you could receive around $240 annually while the Gas Rebate Act could provide payments of $100 monthly. Build Back Better, on the other hand, could result in parents of eligible children receiving either $250 or $300 per child per month.
It remains to be seen if lawmakers in D.C. will act on any of these plans, but odds are slim as the federal government is focused on other priorities and there has been difficulty getting enough votes for any of the proposals currently on the table.
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