SACRAMENTO, Calif.–Credit unions across California are bracing for another round of deposits after the state approved funding for checks to help Californians deal with inflation and record high gas prices.
In all, 23-million residents are to receive the funds as part of the new state budget deal.
Democrat Gov. Gavin Newsom and Democratic legislative leaders have agreed on a $17 billion relief package that includes $9.5 billion in inflation relief funds. Those estimated 23 million California taxpayers will receive between $200 and $1,050 by early next year, according to CNBC.
Those with up to $75,000 in income, or $150,000 if married and filing jointly, will receive up to $350 per tax filer, plus $350 if they have one or more dependent. Thus, joint filers with at least one dependent stand to receive the highest possible sum of $1,050.
California filers with incomes above that first tier, but less than $125,000 in income if single or $250,000 if married and filing jointly, may receive $250 per filer, plus another $250 if they have at least one dependent, CNBC reported.
Those with incomes above that second tier but below another set of thresholds — individuals with less than $250,000 in income, or $500,000 if filing jointly — may receive $200 per filer, plus another $200 if they have any dependents, according to the plan.
Those with incomes above that third tier would not be eligible for rebates.