In California, millions of taxpayers are in line to receive a direct payment for up to $1,050 from October, to help their household fight the rising costs due to inflation and the challenges it brings.
Record high inflation in July 2022
During July, inflation reached a record high of 9.1% compared to July 2021 prices, and this relief is expected to reach the pockets of around 23 million residents of California.
Those in the state that file their taxes electronically and chose to have a direct deposit will see the money arrive between October 7 and October 25, those who didn’t choose direct deposit will be issued a debit card.
California’s Franchise Tax Board expects around 90% of the payments to be made by the end of October, according to NBC Bay Area.
How much money will taxpayers receive?
Californians that earned less that $75,000 will get $350 each and another $350 dollars if they have dependents, with the income limit for couples is at $150,000.
Individuals earning between $75,000 and $125,000 will get $250 each, plus another $250 in case they have dependents.
Couples making between $250,000 and $500,000 will receive a $200 payment each, with other $200 dollars awarded in case they have children living in the household.
Same amount that an individual making between $125,000 and $250,000 will receive.