As 2024 nears its close, several U.S. states are stepping up to deliver financial relief to their residents just in time for Black Friday, one of the busiest shopping days of the year.
These state-specific stimulus programs are aimed at helping households navigate rising costs, manage holiday expenses, or simply ease financial burdens. Let’s explore the key programs in Arizona, California, Colorado, Maryland, and New Mexico.
Arizona’s Family Tax Program
Arizona is providing targeted financial aid through its Family Tax Program, designed to support low-income families with dependents. Families can receive $250 per child under 17 and $100 for dependents over 17. This program is set to benefit over 743,000 residents, with eligibility determined by 2021 tax return data.
For families juggling holiday preparations, this timely relief can cover gifts, Thanksgiving dinners, or other seasonal essentials. By focusing on households with dependents, Arizona acknowledges the unique financial challenges these families face, ensuring that funds directly impact household budgets during the holiday crunch.
California’s Young Child Tax Credit
California offers its residents financial relief through the Young Child Tax Credit (YCTC). This program provides up to $1,117 to families earning less than $30,931 annually, provided they meet requirements under the CalEITC program and have at least one child under six.
What sets the YCTC apart is its flexibility—it can be taken as a cash refund or used to reduce owed taxes, allowing families to decide how best to use the funds. Whether it’s for immediate holiday expenses or easing the financial load for upcoming bills, this credit offers vital support to California’s low-income households.
By targeting families with young children, the YCTC addresses the heightened financial demands of early childhood, empowering families to make meaningful holiday plans while navigating the challenges of high living costs.
Colorado’s TABOR Tax Rebate
Colorado’s TABOR program redistributes excess state funds to taxpayers, providing a financial boost just in time for the holiday season. This year, single filers can receive up to $847, while joint filers may qualify for $1,694.
The timing couldn’t be better. For many, these rebates cover holiday travel, gifts, or even everyday necessities. The TABOR rebate highlights how Colorado uses budget surpluses to directly benefit its residents, fostering local economic growth as recipients reinvest the funds within their communities.
Maryland’s Expanded Child Tax Credit
Maryland has expanded its Child Tax Credit to support more families. Eligible households can receive $500 per child, including children with disabilities of any age. This inclusive approach ensures that families with long-term care needs or unique financial challenges are not left behind.
With approximately 40,000 households set to benefit, the program comes at an ideal time to help families manage the added expenses of the holiday season. Maryland’s initiative recognizes the diverse needs of its population and prioritizes financial relief for caregivers, parents, and families managing disabilities.
New Mexico’s Tax Rebate
New Mexico offers a tax rebate program to residents who filed their returns before May 31, 2024. Married couples filing jointly can receive up to $1,000, while individual filers are eligible for $500.
For New Mexicans, this rebate provides a timely boost to offset end-of-year costs like holiday shopping or routine bills. By returning tax funds to residents, New Mexico reinforces its commitment to easing financial burdens and ensuring that relief reaches middle- and low-income households during critical times.
These state stimulus programs underscore a shared goal: offering meaningful financial support to residents during a season that often brings extra costs.
Whether through tax rebates, child credits, or family-specific programs, these initiatives provide an opportunity for individuals and families to navigate holiday expenses with greater ease.
