ELIGIBLE Illinois residents have just weeks left to file for one-time rebates of up to $700 as the deadline is October 17.
Illinois residents must meet certain criteria to grab direct payments from the Illinois Family Relief Plan.
To see if you qualify, taxpayers must fill out an IL-1040 form as the plan offers rebates on both income tax and property tax to those eligible.
Checks have already started hitting accounts at the beginning of September, but others may need to wait about eight weeks.
The state estimates that around six million Illinoisans will be eligible to receive the rebates.
Read our tax rebate live blog for the latest news and updates…
Taxpayers have days to file for COVID relief
Individuals and businesses impacted by the pandemic may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by September 30.
The relief applies to the failure-to-file penalty and is typically assessed at a rate of 5 percent per month - up to 25 percent of the unpaid tax when a federal income tax return is filed late.
Besides providing relief this should help the IRS focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season.
New energy rebates available to thousands, continued
The report also states that for 40 large businesses whose July bills averaged $750,000, that translates to a rebate of about $100,000, per city estimates.
The rebate is due to the $75million surplus in San Antonio's budget that came from CPS Energy as the summer was hotter than normal and natural gas rose.
Utility customers can choose to keep the rebate or pass it on to low-income residents to help them pay down their bills.
New energy rebates available to thousands
San Antonio, Texas just approved rebates for thousands of residents as part of the budget for next year.
All CPS Energy customers in San Antonio will see a rebate on their bill as early as November or December from the $42million pot.
The exact amount CPS Energy customers will get back varies, but is set at 13 percent of their July electric bill.
That works out to about $29 for the average residential household that had a $230 bill in July, per the San Antonio Report.
Millions score $20,000 automatic debt relief, continued
Just note that cancellations are limited to those who make less than $125,000 per year, or $250,000 for married couples and heads of households.
According to CNBC, those with debt may see cancellations in their account in as little as six weeks.
Some borrowers are eligible to have their debt canceled automatically, but they could save more if they fill out an application anyway.
Millions score $20,000 automatic debt relief
Nearly eight million Americans are set to score automatic debt relief under the government's new student loan plan.
Most Americans with federal loans will qualify for up to $10,000 in cancellations.
However, Pell Grant borrowers are eligible for up to $20,000 in debt cancellations.
Iowa's corporate tax cuts
Large corporations in Iowa will see massive tax cuts thanks to the state's $1.91billion surplus.
Governor Kim Reynolds approved the cuts in March dropping the corporate tax rate from 9.8 percent to 8.4 percent.
The announcement stated that corporate tax levels directly impact economic activity and those with competitive structures and rates can increase existing businesses and attract new ones.
Improperly forgiven PPP loans are taxable, continued
The PPP loan program states that lenders can forgive the full amount of the loan if the loan recipient meets three conditions.
For more information, head to the IRS website.
Improperly forgiven PPP loans are taxable
The IRS issued a statement revealing that improperly forgiven Paycheck Protection Program loans are in fact taxable.
The agency stated that when a taxpayer's loan is forgiven due to misrepresentations or omissions, the taxpayer isn't eligible to exclude the forgiveness from income.
Additionally, they must include in income the portion of the loan that was forgiven.
However, taxpayers who inappropriately received forgiveness of their PPP loans should file amended returns that include the forgiven loan proceeds amounts in income.
New York's gas tax rebates
New York also passed legislation suspending taxes on motor fuel and highway diesel motor fuel.
The temporary suspension will run from June 1 through December 31.
Just note that local sales and use taxes are not suspended.
The Tax Law authorizes counties and cities to elect a cents-per-gallon or percentage rate sales tax method on fuel.
Illinois's gas tax rebates
The Chicago Moves program is giving away up to 50,000 prepaid gas cards of $150 and 100,000 prepaid transit cards of $50 to eligible residents.
The applications opened on April 27, and were distributed every month through September.
A majority of the cards, 75 percent, will be for residents in areas that face higher mobility hardships.
While the remaining 25 percent of cards will be distributed citywide in equal amounts to each ward.
Georgia's gas tax rebates
In May, Governor Brian Kemp signed a bill temporarily suspending the state’s excise tax on motor fuel sales.
The suspension originally went through July 14 and has been made possible due to the state's historic state budget surplus.
As of September 1, Governor Kemp has extended the state excise tax suspension on motor fuel sales through October 12.
The governor also renewed the executive order on the State of Emergency for Supply Chain Disruptions in early August which ran through September 12.
Connecticut's gas tax rebates
Starting April 1, 2022, Connecticut residents are not required to pay fuel tax.
Lawmakers passed the $90 million Motor Vehicle Fuels Tax in March, which deferred the state's 25 cents per gallon motor vehicle tax for retail customers.
Initially set to expire at the end of June, this temporary suspension still extends until November 30, 2022.
Governor Ned Lamont approved the extension on May 9.
Four states offering gas rebates
The price of gas remains high and 10 states have recently passed extensions on legislation offering rebates to combat inflation.
Out of the 10 states, four of them are specifically reserved to help residents at the pump in the form of gas rebates.
NY lawmaker proposes tax holiday
Assemblyman Kenneth Zebrowski from New York introduced a sales tax exemption legislation for school supplies purchased between the fourth Thursday in August and the first Monday in September each year.
This would apply to computers less than $3,000, clay, paints, paint brushes, and drawing pads.
Plus, supplies normally used in a classroom setting like binders, book bags, calculators under $300, crayons, erasers, folders, glue, highlighters, lunch boxes, markers, notebooks, paper, pencils, pens, rulers, scissors, and writing instruments.
Exterior Doors and appliances rebates
Taxpayers can get a $250 credit for replacing an inefficient door with an Energy Star-compliant one.
Just note there's a $500 cap for multiple exterior doors.
Plus starting in January of 2023, low-income households can get an $840 credit for electric stoves.
A $1,200 tax credit may be used annually for adding insulation starting in January 2023.
The Environmental Protection Agency estimates the average homeowner can save about 15 percent of heating and cooling costs, during colder months.
LMI households can use the $1,600 incentive for weatherization.
In some cases, energy-efficient products require upgrades.
Starting in January 2023, eligible homes can use the high-efficiency tax credit for panel upgrades and wiring.
And low-income households may score a $4,000 rebate for electrical panels and $2,500 for wiring.
Heat Pump Water Heaters rebates
Taxpayers can score rebates of $2,000 that can be used toward a heat pump water heater.
Most are cheaper than that, and installation is a relatively easy process.
Lower-income households that may not be eligible may apply for the $1,750 rebate to reduce the upfront costs of a heat pump water heater.
Heat Pump HVAC tax rebates
Heat pumps are another way taxpayers can receive rebates.
Plus, they can cut your energy costs by about 50 percent.
There will be a $2,000 tax credit for those starting in January, and brand new rebates for income-qualified homes.
As of now, there is also a 30 percent incentive for geothermal-type heat pumps.
Solar and Battery Storage Tax Credits
Taxpayers may also install a solar energy system and immediately receive a 30 percent tax rebate.
There is no cap on how much you can spend and owners may save anywhere between $10,000 and $30,000 on energy costs in a lifetime.
Taxpayers may be able to score up to $150 for a home energy audit.
This is where power companies or local professionals determine how your home could be updated to more efficient energy practices.
Just note that you may pay between $200 and $600 for the audits.
The IRA has revised its Efficiency Tax Credits in addition to direct consumer rebates.
From January 2023 to 2032, every year qualifying households may claim a tax credit of 30 percent of the cost of qualified energy efficiency projects - up to $1,200.
Credits include weatherization and building envelope improvements, appliances, and other energy measures.
Just note that the credit for installing heat pumps or heat pump water heaters does not count towards the annual $1,200 limit.
The law also allows for rebates for income-eligible multifamily buildings such as:
Plus, taxpayers can also receive a $14,000 maximum benefit per home with an extra $500 for qualified contractor incentives.
The IRA allocates over $4.2billion to state energy offices to create and issue high-efficiency electric home rebate programs.
Plus, an additional $225million was made available for tribal governments.
The rebates are based on taxpayer income and reserved for households with a total income of 150 percent or less of their area’s median income (AMI).
Low-income households (LMI, less than 80 percent of AMI) are eligible for rebates equal to 100 percent of the project cost.
Households between 80 percent and 150 percent AMI are eligible for rebates of 50 percent of project costs.
Energy rebates for home improvements
While some federal incentives are available now, others will start on January 1, 2023.
The rebates are due to the Inflation Reduction Act (IRA) and include:
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