California residents will be compensated for inflation: you can get up to $1050

Since October 7, California has begun compensation payments due to inflation in the amount of about $ 9,5 billion. At the same time, individual payments can be up to $ 1050, the administration of Governor Gavin Newsom said. The edition told in more detail Patch.

Photo: IStock

Newsom called the initiative the largest return program in the state's history. Payments are due to begin as soon as gas prices in the state rise nearly $3 above the national average.

The national average for a gallon of regular gasoline on October 6 was $3,86, while in California it was $6,42. It's "nearly unheard of," said Car Club of Southern California spokeswoman Marie Montgomery.

Newsom administration officials said the difference between state and national average prices had never been greater.

“We know it's expensive right now and California is putting the money back in your pockets to help. We are sending over a thousand dollars in payments to help families pay for everything from groceries to gas,” Newsom said.

About 18 million payments began to flow into bank accounts this week. About 7 million direct deposits are expected to arrive in bank accounts from October 14 to November 8. From October 25 to January 15, 2023, approximately 10 million debit cards will be delivered.

You can find out how much you owe by using this instrument.

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“Inflated spending on essentials has forced many to cut back on their purchases or make impossible choices, and fueling problems have been exacerbated by the return of many Californians to commuting,” said Controller and Chair of the Franchise Tax Board Betty Yee. “As the holidays approach, my team members are very excited to be able to pass these payments on to those who are struggling so they can get some relief.”

The payments were made possible by yet another historic state budget surplus.

In March, the Democratic governor said he plans to submit a revised budget to the state legislature to "put money back in the pockets of Californians to address rising gas prices."

Who will receive payments

California residents must complete their 2020 California tax return by October 15, 2021 to receive payments. Recipients must be a California resident for six months or more during the 2020 tax year and be a resident on the date the payment is received.

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Recipients do not have to claim as dependents on 2020 returns.

Determine if you qualify for the payout criteria link.

How much will you get

Californians who earn less than $75 a year and file single tax returns will receive $000, while joint applicants with a combined income of less than $350 will receive $150 each. Those with dependents will receive an additional $000.

Anyone who earned more than $125 but less than $000 will be paid $250. Another $000 will be allocated for all dependents.

Payments are not available to individual filers earning more than $250 per year, or joint filers earning more than $000.

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