Here's how much money you can expect to receive and when you'll receive it.
Marylanders are set to receive more help in the fight against the coronavirus. On February 12, 2021, the Maryland RELIEF Act of 2021 passed both houses in the Maryland Assembly and will be summarily signed by its author, Governor Larry Hogan. The law will provide direct checks to Maryland households, repeal state taxes on unemployment benefits, and provide grants and tax relief for small businesses. Households that qualify for the stimulus payments will automatically receive them; there is no need to apply.
The RELIEF Act is Governor Larry Hogan’s star piece of legislation designed to provide financial help to businesses and residents impacted by the coronavirus pandemic.
“The RELIEF Act will deliver more than $1 billion in tax relief and economic stimulus for struggling families and small businesses," said Hogan. “It will help Marylanders barely hanging on right now as we work to bring this global pandemic to an end."
The bill was passed almost as is, with Democrats acquiescing to Republican demands to only pay out stimulus funds to Maryland residents with social security or tax id numbers. The stimulus payments are targeted towards households with low to moderate-income based on the following income amounts:
- $50,954 ($56,844 married filing jointly) with three or more qualifying children
- $47,440 ($53,330 married filing jointly) with two qualifying children
- $41,756 ($47,646 married filing jointly) with one qualifying child
- $15,820 ($21,710 married filing jointly) with no qualifying children
Families will receive $500 and individuals will receive $300 direct payments. Individuals and families who filed for the Earned Income Tax Credit (EITC) will automatically get additional payments of $150 and $250.
If you filed for and received unemployment benefits in 2020, you won’t have to pay state income tax on those benefits. Employers will also not see an increase in unemployment insurance premiums in 2020. Instead, those premiums will be based on pre-pandemic claims numbers. In addition to unemployment relief, some businesses will be able to extend sales tax credits through 2020.
The RELIEF Act has been passed by the Maryland Senate and House and is expected to be signed by Governor Hogan on Monday, February 15. The Governor expects checks to go out shortly after the bill is signed.
Let us know in the comments if this is a welcome relief for your family or business.