Several initiatives taken by the states of Alaska, Colorado, and Montana are set to offer tax rebates and financial relief measures to their citizens. These programs have been designed with the aim of alleviating economic burdens and helping individuals and families navigate through challenging times.
Alaska, known for its stunning natural landscapes and unique way of life, has introduced a series of tax rebates and financial assistance programs. Colorado, with its vibrant cities and picturesque mountains, is also playing a crucial role in supporting its residents during financial hardships. Meanwhile, Montana, famous for its Big Sky Country, has its own set of tax relief measures tailored to the needs of its population.
Alaska Permanent Fund Dividend: Who Could Claim the Cash?
Alaska isn’t holding back when it comes to supporting its residents. The state will disburse its Permanent Fund Dividend for both 2023 and 2022, valued at a striking $3,284 and $1,312, respectively. The Permanent Fund Dividend (PFD) in Alaska is a unique program that distributes a share of the state’s oil revenue to its residents on an annual basis. Created in 1982, the PFD is essentially a dividend paid to eligible Alaskans as a way to share the wealth generated from the state’s vast oil reserves.
Eligibility Requirements:
- Application submission for the relevant PFD year by March 31.
- Applicants with an “eligible-not paid” status as of September 22 can anticipate their payout on October 5.
- Another tranche is set for October 26 for those marked “eligible-not paid” by October 18.
Colorado Residents Could Get Some Free Money
Colorado residents might also find their wallets a tad heavier soon. Eligible citizens could bag the state’s Property Tax, Rent, Heat Credit (PTC) Rebate, worth a solid $1,044.
Who’s in the Running:
- Earners below $16,925 (singles) or $22,858 (joint filers).
- Fulfill at least one criterion: over 65 years, a surviving spouse over 58 years (no divorce preceding spouse’s death), a medically restrained person from gainful activity, incurred property tax/rent/heat bills during PTC term, or not claimed as a dependent in another’s tax return.
- Your PTC application should’ve received a green light by September 10 for an October payout, either on the 5th or the 15th. Latecomers? Mark January in your calendar!
Montana’s Property Tax Rebates
If you happen to reside in Montana, and fall into the qualification requirements, you could claim up to $675 in the state’s property tax rebate plan. This refund is applicable only to property taxes paid on the dwelling and up to one acre of land surrounding it. If your property exceeds one acre, you can use a calculator to determine the amount of property taxes that can be claimed on your rebate.
Take into account that homes held within an LLC or corporation are not eligible for the rebate, even if a member or shareholder lived in the home for more than seven months during the claim year. Estates and trusts, except grantor revocable trusts, also do not qualify for the rebate.
Who’s eligible for the Montana’s tax rebate plan:
Eligible individuals for this rebate include regular residents, deceased individuals, and grantors of grantor trusts, provided they meet the qualifying conditions. The property tax bill must be addressed to and in the name of the individual or grantor revocable trust seeking the rebate.
To be eligible, you need to meet specific criteria as a Montana taxpayer in the claim year. Here’s a concise breakdown:
Montana residency: You must have owned a Montana residence for at least seven months during the claim year.
Principal residence: This residence should also be your principal place of living for at least seven months during the claim year.
Property tax payment in time: You should have been billed for property taxes, including special assessments and other fees, on this residence, and you must have paid these property taxes.
One rebate per household: Keep in mind that only one rebate per household is allowed.