2024 Direct Payments: Which States Are Issuing Financial Assistance This Year?

2024-direct-payments-which-states-are-issuing-financial-assistance-this-year

Due to the substantial changes brought about by the Inflation Reduction Act, clean energy technologies now have never-before-seen potential. The Act introduces direct pay or elective pay mechanisms with the goal of promoting environmental justice and encouraging private sector investment. 

This makes it possible for governments and tax-exempt organizations to get funding for qualified clean energy projects equal to the full amount of tax credits. Direct pay guarantees that entities obtain their payment if they meet the requirements, in contrast to competitive grant and loan programs. 

Applicable to 12 tax credits, including solar, wind, battery storage projects, community solar efforts, EV charging infrastructure, and clean vehicles for state fleets, direct pay offers a direct cash boost to entities actively contributing to the clean energy economy.

Once the federal stimulus payments come to an end, state-specific direct payments and rebates come into focus.

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Which States are Contributing Funds This Year?

2024-direct-payments-which-states-are-issuing-financial-assistance-this-year
Once the federal stimulus payments come to an end, state-specific direct payments and rebates come into focus.

1. California

Provides a $3,600 one-time tax credit.

Proposes a ‘young child tax credit’ of up to $1,083, which is applicable to families with children under the age of six who are also eligible for the California Earned Income Tax Credit.

If 2021 tax credit is filed by April 18, 2025, there will be an automatic tax credit rise.

2. Arizona

A new rebate, up to $750, has been approved by Governor Katie Hobbs. Eligible taxpayers will get $250 for each dependent over the age of 17.

3. Maryland

Annual child tax credit, up to $500 for each child.

Focuses on families that have a kid under six or who has a disability.

About 40,000 taxpayers are qualified, and all you need to do is make $15,000 or less in federally adjusted gross income to be eligible.

4. Colorado

TABOR refund payments: couples filing jointly will receive $1,694 and qualifying single taxpayers will receive $847.

For the first time, the same amount is given to each taxpayer.

In 2023, Colorado received $3.6 billion more than the TABOR regulations allowed, with the excess going back to the taxpayers.

5. New Mexico

Offers a $1,000 maximum rebate check.

Payment to all taxpayers who, by May 31, 2024, filed their 2021 tax returns and did not Claim any dependents on another tax return.

Couples filing jointly might expect up to $1,000, while single filers can expect $500.

These credits and rebates are available to residents of these states, aiding in the recovery of the economy and offering qualifying individuals and families financial assistance.

 

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