Economic Support Programs Continues in 2024
As the new year begins, the United States government is continuing its economic support programs for the most needy Americans. This assistance includes tax refunds, credits, and direct payments to provide financial relief to those who need it most.
One of the most well-known aid programs is the Supplemental Nutrition Assistance Program (SNAP), which will see a 3% increase in 2024 due to the Cost of Living Adjustment (COLA). This increase will result in payments greater than $291.00 USD for eligible recipients.
The SNAP benefits are distributed monthly through electronic benefit transfer (EBT) cards, and the schedule varies by state. Additionally, the Social Security Administration (SSA) will be giving retired workers an increase in their benefits, with payments of up to $1,885.00 USD this year.
In addition to federal programs, some states have seen excess finances in their funds and are issuing direct payments to taxpayers. Arizona is distributing $250.00 USD to families with a child under 17 years old, and $100.00 USD to household members who are over that age and are reflected as dependents on the 2021 tax returns. Colorado residents who complied with their taxes will earn a maximum amount of $1,694.00 USD through the Taxpayer Bill of Rights (TABOR), while New Mexico taxpayers who declared their 2021 Personal Income Tax (PIT) can collect up to $1,000.00 USD.
Furthermore, several states, including California, Maryland, Minnesota, New York, Oregon, and Utah, are set to raise their Child Tax Credits (CTC) in 2024, providing additional financial support to families with children.
With these ongoing support programs and the increase in benefits, many Americans will have access to crucial financial assistance during the year 2024.