Will State Of Maine Residents Be Getting Another Check?
On February 10th, during Governor Janet Mills' State of The State address, she remarked that some legislators suggested that the state's surplus of money be dolled out to the residents of the state. She explained that she thought it was a good idea and intended to make it happen.
Over the next few months, we heard much discussion the idea - which everyone seemed to be in favor of. Income guidelines and a time table were put in place. Additionally, as it became known just how much money was available, the amount that each eligible Mainer would be getting grew and grew. By mid-summer, when the checks were sent out, the amount each person would be getting had grown to $850.
As we have now reached a point when 99% of all the checks have gone out (the deadline for filing your taxes, the prerequisite for getting the money, was on October 31st), rumors have started to circulate that some Maine residents would be getting another check from the State of Maine.
Is there any truth to these rumors?
The idea that more money could be coming from the state is really not that wild, is it? With inflation and energy costs out of control, many have concerns that people on the lower end of the income scales, or those on a fixed income, could have some serious issues maintaining their standard of living.
According to an article from Forbes, it is unlikely that Maine residents will get another check.
The magazine interview Sarah Austin, director of policy and research at the Maine Center for Economic Policy, for the article. She explained that such a large portion of the state's budget surplus was used for the $850 checks it is unlikely we'll be seeing another similar handout.
An additional check would put the state's ability to balance the budget in jeopardy.
In addition to the checks that nearly 900,000 Mainers received, there were several other one-time expenditures as part of the same program.
- A tax break for residents who collect a Maine retirement pension. This includes a gradual increase in their annual deduction, from the current limit of $10,000 up to $35,000 in 2024.
- 2 years of community college for students impacted by the COVID-19 pandemic
- An increase in Maine’s Property Tax Fairness Credit - giving homeowners up to $1,500 in a refundable tax credit.
- Thousands of dollars in student loan relief.
What are your thoughts? Would another check help people or just cause more problems?