Income

California stimulus payments: eligibility, income limits and amount

Mmillion California residents will receive direct payments as part of the state government’s attempt to provide their citizens with much-needed financial assistance.

Gas prices and grocery prices have soared as many citizens struggle to make ends meet in the wake of the COVID-19 outbreak, which has dealt a severe blow to the US economy.

For this reason, California will send payments up to $1,050as Governor Gavin Newsom and legislative leaders managed to reach an agreement on the 2022/23 state budget framework.

As many as 23 million California residents are set to receive relief payments, under a $17 billion “inflation cut” program, after the state posted a $97 billion budget surplus.

Who is eligible for stimulus payments in California?

The new scheme will benefit people who are struggling to make ends meet. Single filers earning less than $75,000 per year and couples earning less than $150,000 per year should receive $350 per taxpayer, plus an additional $350 if they have at least one dependent..

This means that a married couple who has one child and earns less than $150,000 per year would receive $1,050.

Meanwhile, singles who are in the bracket where they earn less than $125,000 per year or $250,000 per year will receive $250 and $200 respectively.

Couples earning less than $250,000 a year would receive $250 each plus an additional $250 for dependents, while couples earning up to $500,000 a year would receive $200 each plus an additional $200 for dependents. dependent.

Why is California handing out another stimulus check?

“California’s budget addresses the state’s most pressing needs and prioritizes getting money back into the pockets of millions of Californians battling global inflation and rising prices for everything from ‘petrol at the grocery store’, newsomActing President of the Senate Toni Atkins and President of the Assembly Anthony Rendon said in a joint statement.

“In the face of growing economic uncertainty, this budget invests in California stocks while further filling state fiscal reserves and incorporating triggers for future state spending to provide fiscal stability for coming years.”