Stimulus update: California is distributing direct payments of up to $1,050, with the next set of cards expected to be distributed in the coming weeks.
The subsidies are part of the state’s Middle Class Tax Refund program, which helps Californians cope with increased expenses as a result of high inflation. The monies are distributed to recipients by direct deposit and state-issued debit cards at the end of the month. All payments are scheduled to be made by the end of January 2023.
Applicants must have lived in California for at least six months during the 2020 tax year, submitted their 2020 taxes by Oct.
Individual filers must have earned less than $250,000 per year, while couples must have earned less than $500,000 per year.
The amount received by filers is determined on their annual income and the number of dependents. Married couples with a combined income of less than $150,000 and dependents will receive $1,050. Filers who are unmarried, have no dependents, and earn between $125,000 and $250,000 will receive $200 payments.
Refunds are not available to state residents who are identified as dependents.
The Middle Class Tax Refund, approved by Gov. Gavin Newsom in June, is intended to help families that are struggling to pay their rent, buy groceries, or run small enterprises.
“We get how costly things are right now, and California is putting money back into your pockets to assist.” “We’re giving out thousands of dollars in refunds to help people pay for everything from food to gas,” stated the state’s governor.
Other states and cities are also experimenting with various schemes to assist individuals who are struggling with increased prices on practically every item as a result of high inflation.