To receive this direct payment, eligible taxpayers will need to file their tax return of 2020 before next time 17 of May , when the term ends
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Wednesday, November 20
3 keys to the stimulus check that Newsom promises that would send $ 600 to most Californians
The $ stimulus check 500 dollars than announced this Monday the Californian Governor Gavin Newson would reach two-thirds of the residents from the state if approved by the Legislature. It is an extension of the direct payment that the California General Tax Office (FTB) is already sending to the low-income families and who file their taxes with a taxpayer identification number (ITIN). However, the new budget line also includes $ 500 extra dollars for families with children .
The governor highlighted that these one-time payments, which are framed within his budget plan for $ 100, 000 millions of dollars, would be possible thanks to surplus of the state coffers and will make the money go directly “into the pockets of the people.”
Who will be eligible for the $ 600 state dollars?
The residents Californians earning up to $ 60, 000 annual dollars would receive the stimulus checks from the golden state. That is, around 11 million taxpayers with low and middle incomes will have state aid to cope with the economic ravages of the coronavirus crisis. Couples filing separate tax returns will have both the income threshold and the payment amount cut in half.
Proposal includes eligible taxpayers regardless of your immigration status , although who received the state stimulus check during the first part (still airing) will not get another.
Regarding the $ 500 additional dollars, will only be received by people who have dependent children.
When will the stimulus checks arrive?
Direct payment is a tax refund. So to get it, California taxpayers must make sure they have filed his return for 1200 (the deadline ends next Monday 17 May).
In the first part of the golden state stimulus program, FTB calculated that the return could be delayed until 45 days for those who receive it through direct deposit and up to 60 for those who receive a paper check in your mailbox . This estimate would start counting from the day the taxpayer filed his tax return of .
However, the state has not yet detailed what the deadlines would be for this second part of the stimulus check .
Why is California now expanding its direct payments program ?
The wealthiest Californians have not stopped making money during the pandemic as they have benefited from a rising market. And most of the state’s revenue comes from precisely those income taxes (rather than property or sales taxes) of the wealthiest residents. The New York Times highlights that almost half of the personal income tax collected by California comes from the 1% of residents who earn the most money.
This has allowed the state to achieve an unexpected surplus of $ 75, 827 million dollars , which will join federal aid. What Newsom has called the California Return Plan calls for a state budget of $ , 000 millions of dollars. $ 8, 000 millions of them will go to this second part of the state stimulus check.
