California Tax Stimulus Check Update: Things To Know
On Friday, California started giving one-time payments to up to 23 million residents. This is the largest programme of its kind in the history of the state.
The most, $1,050, will go to married couples with a child who depend on them and an income of $150,000 or less.
The payments will add up to $9.5 billion, making this programme the biggest of its kind in the history of the state.
The Middle Class Tax Refund idea comes as U.S. inflation reaches record highs. As of early this year, California had a record $97.5 billion surplus.
You must have lived in California for at least six months during the 2020 tax year and live there now.
You must file your 2020 tax return by October 15, 2021, and your AGI must be under restrictions. You can't be someone's dependent.
Eligible couples can get $400 to $1,050. Qualified applicants can get $200-$700.
What amount of money will I get?
Most money, $1,050, goes to low-income married couples with a dependent. Without children, the couple will get $700.
Money will be sent by January. About 90% of the direct deposits should happen in October, starting this Friday.
When are the checks going to be sent?
Harvard economist Jason Furman tweeted that California "will come out ahead," although it may be affected if other states export inflation with tax rebates
Will the payments lead to inflation?