1050 Tax Rebate - The money, set up as part of the California state budget, is part of a $17 billion package aimed at providing "inflation relief," according to Gov. Gavin Newsom's office.
The state encourages residents to see if they qualify for a payment called the middle-class tax refund.
1050 Tax Rebate
California single and parent taxpayers earning less than $75,000 a year pay $700 if they have dependents and $350 if they have no children.
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If they earn between $75,000 and $125,000, they get $500 and $250 for dependents.
California couples making less than $150,000 a year get $1,050 if they file their taxes jointly or $700 if they don't.
If they earn between $150,001 and $250,000, they get $750 if they have children and $500 if they don't.
If a couple takes home between $250,001 and $500,000, they get $600 with dependents and $400 otherwise.
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Recipients must file a 2020 tax return by October 15, 2020, and be a California resident for more than six months during the 2020 tax year.
In addition to the $1,050 inflation relief check, the state budget provides $1.95 billion in emergency rent funding, Gov. Newsom's office said.
Funding will be provided to low-income tenants who applied for rental assistance by March 31 but were unable to receive it due to lack of funds.
I'm a chef food eligible jobs - California Governor Gavin Newsom announced that checks are being sent to 23 million state taxpayers to help reduce inflation. Good pictures
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The government is sending up to $1,050 in "inflation relief" checks to 23 million residents this fall to ease the financial burden placed on Americans by the highest inflation in 41 years.
In a joint statement with state lawmakers on June 26, California Governor Gavin Newsom said, “California's budget addresses the state's most pressing needs and prioritizes putting dollars back in the pockets of millions of Californians struggling with global inflation and rising prices. From gas to food."
At the center of the state's new budget deal is a $17 billion inflation relief package that includes direct payments of up to $1,050 to millions of Californians based on income and number of dependents. The inflation relief package also ends the state sales tax on diesel fuel to combat the pain at the pump and help residents pay their rent and utility bills.
Benefits range from $200 to $1,050; The amount varies depending on a person's income, their tax filing status and how much support they claim, and how economic impact stimulus checks were arranged before the pandemic.
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The first tier includes 14.2 million taxpayers who earn up to $75,000 or $150,000 and pay $350 and $350 for each individual. Married dependents in this income range receive a maximum of $1,050.
The second tier covers 2.1 million taxpayers who earn between $75,000 and $125,000 or $150,000 and $250,000, and provides $250 for each person and another $250 if the person has at least one dependent. At this income limit, dependent spouses receive $750.
The third tier covers 1.1 million taxpayers who earn between $125,000 and $250,000 or $250,000 to $500,000 and pays $200 for each person, plus $200 if the person has at least one dependent. At this income limit, dependent spouses receive $600.
Californians reporting more than $250,000 as a single person or $500,000 as a married couple will not receive checks to cover inflation.
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The payments are part of California's 2022-2023 budget and are being made as tax refunds. Last year, California's state budget was $75 billion.
The Newsom administration told local NBC affiliate KRA that refunds will be sent to taxpayers' bank accounts by direct deposit or debit cards in late October.
California has the highest gas prices of any state in the U.S. as gas prices have risen in recent months. A gallon averaged $6.30.
Some states, including Maryland and Connecticut, have attempted to lower gas prices by temporarily suspending state gas taxes.
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Other states, including New Jersey and Indiana, want to distribute similar cash payments for gas and/or inflation to state residents.
Ben Giddis, deputy director of the Economic Policy Program at the Bipartisan Policy Center, said that if the money allocated to Americans in this situation came from the government's budget surplus, the payments would not worsen inflation.
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Money from the state budget surplus is "not a big step in the wrong direction, but a step in the wrong direction in solving the underlying problems," Giddis said.
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