January 18, 2022

Connecticut Coronavirus Stimulus Check: About 200,000 Families…

(MENAFN– ValueWalk) chillla70 / Pixabay

A fourth stimulus check is nowhere to be seen, but some Connecticut families could soon be getting some extra money from the state government. This Connecticut coronavirus stimulus check isn’t exactly a direct payment, but it’s part of the state’s income tax credit program. Eligible recipients will receive this payment in the form of an additional tax refund.

Download the complete Henry Singleton series in PDF

Download the complete 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet or email it to your colleagues

Q4 2021 hedge fund letters, conferences and more

Odey’s Special Situations Fund aims for uncorrelated returns

Odey’s Special Situations Fund rose 1.6% in December, bringing its full-year return for 2021 to 24.4%. The fund has enjoyed a 35% compound annual growth rate since its inception in October 2019. Hedge fund letters, conferences and more in Q4 2021 The Special Situation Fund’s benchmark, the MSCI World USD Index, returned 4.3% for Read more

Connecticut Coronavirus Stimulus Check: Who Gets It?

Governor Ned Lamont recently announced that he had asked the appropriate state agency to retroactively increase the state income tax credit for 2020. The income tax credit increases from 23% of the federal deduction to 41.5%.

Eligible families can receive an income tax credit of up to $1,000, depending on their income. The amount of enhanced credit a family gets depends on the size of their federal credit. The IRS uses taxpayer income, number of eligible children, and marital status to calculate the federal credit.

“For example, a single parent of two at the federal poverty level who received a state loan of $1,246 in the spring will now receive an additional $1,002 for a total state loan of $2,248,” Lamont’s office said.

This Connecticut coronavirus stimulus check would benefit approximately 200,000 low-to-middle-income families earning up to $56,844 in 2020 (couples with three or more eligible children). those earning up to $53,865 are also eligible for the payment.

One point to note is that families who would get this additional tax refund would be the ones who applied for the 2020 income tax credit.

Varying Rates of Earned Income Tax Reduction

It is estimated that the cost of providing an additional tax refund would be $75 million, and it would be covered by the federal COVID-19 relief funds provided to the state under the CARES Act.

“Improving the 2020 Connecticut Earned Income Tax Credit provides immediate relief to workers doing their best to provide for their families while facing pandemic costs from masks and tests to childcare and Internet access,” Governor Lamont said in a press release. .

Connecticut introduced the income tax credit in 2011, and rates have varied over the past decade. The rate was 30% in 2011 and 2012, 25% in 2013, but was increased to 27.5% from 2014 to 2016. From 2017 to 2020, the rate was 23%, but was recently increased to 30.5% in the fiscal year 2022- The biennial state budget for 2023, which was signed in June.

The Connecticut Department of Revenue Services is expected to begin shipping the Connecticut coronavirus incentive checks to eligible households before the end of February.

“The Department of Revenue Services is proud to administer Connecticut’s Earned Income Tax Credit, which puts money back into the pockets of hard-working families,” said Connecticut Department of Revenue Services.

Updated on January 13, 2022, 9:44 AM


Legal disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have any complaints or copyright issues regarding this item, please contact the above provider.

Leave a Reply

Your email address will not be published. Required fields are marked *