‘Inflation Tax Relief’ Included In New State Budget
Sacramento, CA — Governor Gavin Newsom and Democratic leaders in the Senate and Assembly have reached a budget compromise.
Overall spending during the new budget year starting July 1st will be just over $300 billion.
A joint statement from Newsom and other legislative leaders states, “The centerpiece of the agreement, a $17 billion inflation relief package, will offer tax refunds to millions of working Californians.”
An estimated 23 million Californians will receive direct payments, peaking at $1,050 per family, based on things like income and the number of dependents.
For example, individual taxpayers making under $75,000 will receive $350, couples filing together making under $150,000 will take in a combined $700, and those with at least one dependent will receive an additional $350 (totaling $1,050).
The smallest payments, $200, will go to higher earners making up to $250,000 (or $400 per family who earn up to $500,000).
It will come in the form of direct deposits or debit cards issued. The payments are expected to begin in late October and be completed by early 2023.