Governor Newsom signed a new $307.9 billion state budget this week which includes a 17 billion stimulus relief package to help Californian families. As part of the package, families will receive a one-time payment up to $1,050 to help ease the burden of high gas prices and inflation.
If you’re wondering exactly what the California Stimulus Relief Package includes and what it means to you, don’t worry we have you covered. Here are some frequent questions along with some answers to help you understand what’s included.
How Much California Stimulus Tax Relief Payment Will I Receive?
Stimulus relief payments will be based on three income brackets. The income brackets and rebates are as follows:
- Single filers earning up to $75,000 and joint filers earning up to $150,000 may be eligible for $350 per tax filer and another $350 if you claim at least one dependent. Note the $350 is not per dependent, but it is a one time amount, so a married couple claiming dependents making $150,000 or less will receive $1,050($350 per tax filer plus $350 for claiming a dependents).
- Single filers earning up to $125,000 and joint filers earning up to $250,000 will receive $250 per tax filer and another $250 if they have dependents.
- Single filers earning up to $250,000 and joint filers earning up to $500,000 will receive $200 per tax filer plus another $200 if they have dependents.
How Will I Get My Stimulus Tax Relief Payment?
Full details are not known at this time, but the Franchise Tax Board will be sending payments out as soon as possible and will most likely use information from your 2021 taxes to calculate your income. If you have not filed your 2021 taxes yet you should file as soon as possible so they have your latest information.
Garnishments of the checks may also be possible if you owe child support, spousal support, family support or for restitution of victims following a crime.
What if I Don’t File Taxes?
Starting on January 1, 2023, those who are not required to file taxes may see more money if they receive Supplemental Security Income. The budget that was passed boosts Supplemental Security Income by $39 per month for individuals and $100 for couples.
What Other Benefits Will Be Available?
Some of the other benefits passed in the budget include:
- Utility payment assistance
- Expanded tax credits for paid sick leave grants
- Suspension of sales tax on diesel fuel
Check back with the TurboTax blog for more updates on the California Stimulus Relief Package and any other relief packages being passed.
