California Inflation Payments: When will you get the first refunds?

in usa •  2 years ago 

The U.S. state of California recently announced that it would be offering its residents an inflation relief payment of up to 1,050 dollars.

Dubbed the Middle Class Tax Refund, the scheme was brought to life in June, when California state governor Gavin Newsom set aside a 17 billion dollar provision to combat inflation in the form of tax rebates for the state's citizens.

"In the face of new challenges and uncertainties, we're providing over 17 billion dollars in relief to help families make ends meet, and doubling down on our investments to keep building the California Dream on a strong fiscal foundation," governor Newsom said in a press statement.

"This budget invests in our core values at a pivotal moment, safeguarding women's right to choose, expanding health care access to all and supporting the most vulnerable among us while shoring up our future with funds to combat the climate crisis, bolster our energy grid, transform our schools and protect communities.

"Building a better future for all, we'll continue to model what progressive and responsible governance can look like, the California way."

When will the amount be credited?
The good news for Californian residents is that these relief payments could arrive as early as October 7, 2022, meaning that eligible individuals could be see the deposits being credited into their accounts in the coming weeks.

In fact, there will be two rounds of payments. The first will occur between October 7 and October 25, while a second round of payments will be disbursed between October 28 and November 14.

Additionally, relief funds will also be distributed in the form of debit cards for those who didn't file their 2020 taxes electronically.

According to California's Franchise Tax Board Spokesman Andrew LePage, it is expected that 90 percent of the payments will be issued by the end of October.
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