Many in NJ may get $500 in coronavirus stimulus check
Another round of stimulus checks seems highly unlikely now, but many in New Jersey may receive another stimulus payment. Trenton Mayor (NJ) Reed Gusci...
Another round of stimulus checks seems highly unlikely now, but many in New Jersey may receive another stimulus payment. Trenton Mayor (NJ) Reed Gusciora has proposed giving $500 coronavirus stimulus checks to more than 28,000 households.
Coronavirus stimulus checks for some NJ residents?
The money needed for the stimulus checks would come from the funds that the capital city will get from the federal government, as part of the American Rescue Plan.
Speaking to NJ Advance Media on Thursday, Gusciora said, “We felt this was a good way to help people catch up on their rent, catch up on their utility bills, make a down payment on their property taxes.”
However, not all agree with Gusciora’s proposal to send stimulus checks to people. Marge Caldwell-Wilson, City council Vice President, doesn’t believe that giving just $500 in stimulus checks is the best use of the funds.
“I’m not sure what $500 is going to do to relieve some of our citizens with what they’ve endured during this COVID crisis,” Caldwell-Wilson told NJ Advance Media.
Caldwell-Wilson believes that the city council could add more funds to the proposed stimulus payments, suggesting the authorities can send much more money than what is being proposed.
“My main concern is we make sure we spend these funds appropriately and wisely,” said Caldwell-Wilson.
Gusciora, however, suggests the proposed plan does the best to address many concerns that the city is facing. The mayor informs that the plan was developed after discussions with the city’s economic development board.
“I think our plan is a really good balance between all of the needs of the city,” Gusciora said, adding that doubling or tripling it “would take up a lot of the economic recovery dollars coming into the city. I think our plan is a really good balance between all of the needs of the city.”
Tax rebate checks arriving soon
Separately, the state Legislature on Thursday approved a $46.4 billion state budget, which includes up to $500 in tax rebates for thousands of families. This tax rebate will go to households with income less than $150,000 and have at least one dependent child.
The state would start mailing the nonrefundable income tax credits soon to about 760,000 households. These rebate checks could cost the state about $319 million. Funds for these rebate checks will come from the Millionaires Tax, which the state enacted in September.
The state’s Treasury Department estimates that about 716,000 couples (filing jointly) with income less than $150,000 would get an average of $425. Also, about 48,000 single filers with income less than $75,000 would receive an average of $297.
Murphy is expected to sign the bill soon once it arrives at his desk. Assuming Murphy signs the bill as soon as it arrives at his desk, the rebate checks would start to go out in July and over the summer.