Connect with us

Hi, what are you looking for?

Personal Finance News

California Likely To Include Stimulus Payments In Its Revised Budget Proposal

The Governor of California, Mr. Gavin Newsom, has hinted that the state is likely to include stimulus checks in its revised budget for the upcoming fiscal year. This Covid relief package was not a part of the original $286.4 billion proposal unveiled earlier this week.

No new taxes in the budget

He also highlighted the fact that there are no new taxes in the new budget sending a sigh of relief for the citizens. Although he mentioned that the revised budget, there might be further rebates for the people, no criteria of eligibility were told to the media.

California’s Golden State Stimulus

California has been among the most generous states in terms of sending out stimulus check payments to its residents. There have already been two rounds of payments under the Golden State Stimulus program started last year.

The first round i.e. Golden State Stimulus I was given to tax filers with an adjusted gross income of $75,000 or less and had an individual Tax Identification Number or had received California Earned Income Tax Credit.

The Second round expanded the eligibility of beneficiaries to those who had earned $75,000 or less in 2020.

Read More: Californians Still Waiting Anxiously For $600 Checks As The Last Batch Ships

Last Golden State Payment Goes out

The last payment under the Golden State Stimulus II has gone out on Jan 11. The payments under the program now stand at a tall $12billion making it the largest state tax rebates said the officials proudly.

One of the main reasons behind such a generous posture is the concept of a Constitutional limit – “Gann limit.” Any state having a budget surplus over this limit has to give back the money to the taxpayers in some form. That’s how the direct benefit transfers through Golden State Stimulus program became possible.

Now that the state is looking at another surplus year, the possibility of another round of stimulus checks payments in the state of California has become real. With the governor’s revelations, likely, the Californians are up for an extended round of govt. support.

Even though the Federal govt. might not be able to come to everyone’s rescue as it did with its 3 rounds of fiscal payments, some states like California are also doing whatever they can to support their people.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Us News

The Social Security beneficiaries are worried about the fate of payroll taxes in 2022. Several factors are involved in calculating these taxes, including wages,...

Personal Finance News

As per as.com, more than 169 million stimulus checks were given out to approved Americans in the third round, and some are calling for...

Us News

Credit cards are convenient and yet they are not for everyone. If you are someone who misses payment deadlines, you should avoid credit cards...

Cryptocurrency News

Walmart is the latest big business house to enter the world of Cryptocurrency and NFT. The retailing giant is taking the first tentative steps...

Us News

When it comes to personal finance, the first thing that any expert will tell you is not to earn more, but to save more....

Us News

The US families have received half of the child tax credit payments in 2021; IRS will issue the remaining payments while the parents file...