Direct payment of up to $1,050 will be made to millions of California taxpayers starting in October to assist them in coping with the obstacles that inflation poses and the growing expenditures it causes for their households.
How much money will be given to taxpayers?
California residents making less than $75,000 will receive $350 each, plus an additional $350 if they have dependents. The combined income cap for married couples is $150,000. Each person making between $75,000 and $125,000 will receive $250, with an additional $250 if they have dependents.
For couples earning between $250,000 and $500,000, a $200 payment will be made to each partner, with an additional $200 granted if the couple has children living at home. A person earning between $125,000 and $250,000 will receive the same amount.
Inflation reached all-time highs in July 2022
Inflation in July hit a record high of 9.1% when compared to prices in July 2021, and this alleviation is anticipated to land in the pockets of about 23 million Californians.
If you filed your taxes electronically in the state and selected direct deposit, the money will be deposited into your account between October 7 and October 25. If you didn't select direct deposit, you will be given a debit card instead.
According to NBC Bay Area, the California Franchise Tax Board anticipates that by the end of October, around 90% of the payments will have been made.
How and when to receive checks for California inflation relief?
The funds will be dispersed through direct transfers and mailed debit cards, according to a representative for the California Franchise Tax Board on Tuesday.
Payments will be delivered to bank accounts beginning October 7 through October 25 for Californians who got the Golden State Stimulus, electronically submitted their tax returns, and received their tax refunds via direct deposit. State officials have stated that the remaining funds will be deposited between October 28 and November 14. 90% of the direct deposits are anticipated to be made in October, according to the Franchise Tax Board.
For people who received the Golden State Stimulus but did not electronically file or obtain a refund through direct deposit, debit cards will be distributed between October 25 and December 10. The Franchise Tax Board has stated that the remaining amounts will be mailed by January 15.
Due to this week's increase in gas prices throughout California, the payments are expected to arrive in bank accounts in the coming weeks. Tuesday saw a statewide average price of $5.42 for a gallon of regular unleaded.
