Fourth Stimulus Check Update: The federal proposal that would provide Americans with a fourth economic payment remains blocked in Congress, despite growing inflation and high gas prices.
California Democratic Representative Mike Thompson stated in March that he would introduce new legislation called the Gas Rebate Act of 2022, which would send eligible Americans energy rebate cheques.
Representatives John Larson and Lauren Underwood co-sponsored the bill, which came as gas prices in the United States rose as a result of Russia’s invasion of Ukraine.
“Americans are suffering the financial cost of Vladimir Putin’s illegitimate invasion of Ukraine at the pump,” Thompson said in a statement introducing the legislation. “Right now, we must work together on practical policy measures to lessen the financial burden that my people are feeling.”
According to Thompson, the bill would provide qualified Americans with $100 energy rebate cheques “for the rest of 2022 in any month where national average gas prices surpass $4.00 per gallon.”
Thompson’s office stated in a press release that the bill would follow the same method as many previous Economic Impact Payments, providing “$100 for single taxpayers earning less than $75,000 and tapered out at $80,000” and “$100 for joint filers earning less than $150,000 and phased out at $160,000.”
The measure was referred to the House Committee on Ways and Means shortly after it was introduced in the House of Representatives, where it is now blocked. It’s unclear when the proposal will be put to a vote.
Following Russia’s invasion of Ukraine on February 24, the United States imposed a slew of sanctions on its economy. President Joe Biden issued an executive order in March prohibiting the purchase of Russian oil, causing a surge in gas prices across the country.
“The United States imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia last year, and this step will deprive Russia of billions of dollars in annual revenues from U.S. drivers and consumers,” the White House said in a statement after Biden’s executive order.
Following Russia’s invasion of Ukraine and America’s prohibition on Russian oil imports, according to data from the American Automobile Association (AAA), gas prices have stayed higher than in prior years. According to AAA, the national average gas price was $4.159 on Friday, April 29.
According to AAA data from a year ago, the national average was $2.889. According to AAA data, the national gas price average was $4.244 a month ago.
Some Americans May Be Eligible for Additional Funding
Residents in some states may be eligible for additional economic payments ahead of the national tax-filing deadline.
While the third batch of economic stimulus payments was distributed to eligible Americans last year, those who did not receive one may be able to apply for one before the April 18 tax-filing deadline.
Furthermore, some states have passed laws that would provide residents with additional financial payments when their taxes are filed on Monday.
Governor Brian Kemp of Georgia approved a measure in March that will provide additional economic rewards to qualified Georgia households once they file their taxes.
The governor’s office said in a statement that “HB 1302 will provide a one-time tax credit for taxpayers who submitted income tax returns for both the 2020 and 2021 taxable years.”
The state’s department of revenue will send additional credit whenever a taxpayer submits their taxes for 2021, according to the announcement. Couples will earn $500, while single taxpayers will receive $250. According to the governor’s office, a taxpayer who is designated the head of the household will receive a $375 payout.
“I believe that when the government collects more money than it needs, those dollars should be returned to the taxpayer because it is your money, not the government’s,” Kemp previously stated.
Similar legislation was approved in Indiana, where Governor Eric Holcomb declared that residents who file their taxes in 2021 will receive a “125 Automatic Taxpayer Refund.”
“In December, the Governor stated that an estimated 4.3 million taxpayers will receive a $125 refund when they file their 2021 taxes. A total of $545 million will be returned to Indiana residents.
Following the April 18 tax-filing deadline, the Department of Revenue, in collaboration with the Auditor of State’s Office, will begin awarding refunds via direct deposit or paper check “According to a statement released by Holcomb’s office earlier this month.
Residents of New Mexico may be eligible for a tax refund after submitting their taxes on Monday, thanks to legislation approved by Governor Michelle Lujan Grisham in March. Single taxpayers will receive a $250 one-time tax rebate, while married taxpayers will receive a $500 one-time tax rebate.
After filing their 2021 taxes in New Jersey, certain households will be entitled to up to $500 in tax rebates. New Jersey Governor Phil Murphy and the state legislature earlier approved a budget that provided $500 tax rebate cheques to about 1 million families, according to Forbes.
According to Forbes, Murphy included another one-time $500 refund payment last month for people who file their taxes using a taxpayer ID number rather than their social security number.
Prior to that, Idaho Governor Brad Little approved a bill allocating $350 million in tax rebates to qualified people.
“The reimbursement is available to any Idaho resident who was a full-year resident in 2020 or 2021 and submitted an Idaho individual income tax return or a Form 24 for those years. Non-residents and part-time residents are not permitted to participate “In a frequently asked question form, the Idaho tax commission stated.
The rebate amount will be $75 per taxpayer and dependent, or 12% of their 2020 taxes, whichever is greater.
In addition to the five states that have already approved additional economic payments after the April 18 tax-filing deadline, numerous more states have identical bills pending before their legislatures.
California, New York, Hawaii, Kansas, Kentucky, Maine, Minnesota, Pennsylvania, and Virginia, according to Forbes, have proposed similar measures to offer people additional economic payments. Residents may receive further payouts in the coming months if these plans pass in the states.