Feds’ new ‘real-time payment system’
The Federal Reserve announced the launch of FedNow in mid-July, a “faster and more convenient” way to transfer money.
FedNow updates money transfer portals, making digitized cash payments instantaneous.
American banks and lenders began instantly transferring money to customers all day, every day.
Money available in Colorado
In Colorado, the Property Tax/Rent/Heat (PTC) rebate will be supporting people with disabilities alongside older adults as they pay property taxes, rent, and heating bills.
The total amount available is up to $1,044, and if you apply in 2023, you’ll earn up to a $1,000 refundable tax credit.
The state anticipates the program to provide more than $7million in relief to Coloradans in 2023 alone.
To qualify, you must be a full-year Colorado resident meeting a certain set of criteria.
Either you must be 65 years of age or older, have a surviving spouse 58 years of age or older, or have a disability.
There are income stipulations as well. For single filers, income is capped at $16,925 while those married filing jointly can make up to $22,858 to qualify.
Monthly payments worth $1,000 going out
The Alameda City Council in California has allocated $4.6million in cash provided under the American Rescue Plan Act to fund a guaranteed income program.
That will be enough to provide $1,000 per month for two years to eligible residents.
Soon, Alameda families will be allowed to take action and claim their monthly stipends.
The name of the guaranteed income program is known as Rise Up Alameda.
Part of the goal of the initiative is “to reduce economic instability,” according to program officials.
Arizona issues a one-time $500 payment
Governor Kate Hobb’s office confirmed earlier this month that it will send a one-time childcare payment.
The amount is worth $500 per child and aims to help eligible Arizona families cover registration fees.
This will apply to children who are involved with the Department of Child Safety participating in the Subsidized Child Care Program.
The payments started this summer.
“DCS caseworkers and staff will guide eligible families through the next steps in receiving payment,” the Governor’s office said.
New program offering $500 monthly payments
The city of Worcester, Massachusetts, has created a pilot universal basic income (UBI) program to help struggling families make ends meet.
The Worcester Community Action Council (WCAC) announced that it was awarded $250,000 from the City of Worcester American Rescue Plan Act funds to launch the program.
Fifty-two low-income households will be selected to participate over a two-year period.
The council will offer $100 to $500 in monthly payments based on the family’s or individual’s needs.
Participants will also get financial coaching to help them use the money smartly.
IRS free filing push-back, part two
Private tax filing companies have paid around $39.3million since 2006 to block this initiative.
- Intuit: $25.6million
- H&R Block: $9.6million
- Americans for Tax Reform: $3million
Other groups have put money towards pushing the initiative through:
- NAACP: $140,000
- Public Citizen: $110,000
Igor Volsky, executive director of Groundwork Actions advocacy group, said, “The overwhelming majority of people demand a free-file option.”
“Now the question for us is how do you channel that into effective political pressure.”
The IRS has officially said that a free file option will be launched through their website for the 2024 filing season.