Several states are sending, or are planning to send, tax rebates to their residents to help them offset some of the impacts of rising prices. One state will start sending out tax rebate money this month, and this state is Hawaii. Eligible residents can expect to start receiving the Hawaii stimulus checks sometime later this month. These stimulus checks or tax rebates would be of up to $300, and it will be a one-time payment.
Hawaii Stimulus Checks: Who Will Get Them?
Gov. David Ige first proposed the tax rebate in his 2022 State of the State address following strong revenue projections. This stimulus payment is part of the state’s plan to offer cost-of-living relief.
Q2 2022 hedge fund letters, conferences and more
Eligible taxpayers with income less than $100,000 a year will get $300 Hawaii stimulus checks. Those with more than $100,000 a year will be eligible for $100 per person. This rebate will also apply to dependents. It implies that the final rebate amount would depend on the taxpayers’ household size.
Hawaii will start sending out the tax rebate sometime later this month and expects to send most of the rebates out by the end of October.
“I’m glad that we are able to return dollars to taxpayers to pay for things like gas and other necessities that are increasing in price,” Gov. Ige said while signing the rebate program. “We do know that this measure will put funds directly into the pockets of our residents and certainly will help go a long way.”
To be considered for the tax rebate, taxpayers must file their state tax returns on or before Dec. 31, 2022. Those who received their 2021 tax refund by direct deposit will get the tax rebate deposited in the same bank account. Others can expect to get the money through a paper check.
Hawaii Also Raises The Minimum Wage
Along with approving the Hawaii stimulus checks, Gov. Ige also recently approved another bill that raises the state’s minimum wage for the first time since 2018. The bill raises the minimum wage from $10.10 per hour to $12 per hour starting October 1.
Further, the minimum wage would increase to $14 per hour on Jan. 1, 2024, $16 per hour on Jan. 1, 2026, and to $18 on Jan. 1, 2028.
It is estimated that about 190,000 workers in Hawaii will benefit from the hike in the minimum wage. Gov. Ige also made the earned income tax credit permanent and refundable.
With all of these stimulus measures, Gov. Ige aims to increase income for working families, as well as offer greater stability in the workforce. Further, Gov. Ige hopes that these measures will provide the much-needed support to the community and lead to more job creation.
