California begins distributing refunds to help taxpayers deal with inflation
On Friday, California started sending tax refunds to around 23m people, to help them handle the rising costs of living brought by inflation. The state will spend about $9.5bn as part of the “Middle Class Tax Refund Estimator” program, with one-time payments ranging from $400 to $1,050 for couples who filed jointly on their 2020 state income tax return and $400 to $700 for those who filed independently. The majority of all direct deposits to hit bank accounts by the end of October, and more will be sent out through November 14th. An additional 10m payments will be mailed on debit cards to California residents. Eligible residents will need to have filed their 2020 tax return by October 15th 2021, meet the state’s adjusted gross income limits and not have been claimed as a dependent in 2020. Individuals will also have to have lived in California for six months or more in 2020 and be a California resident when the payment is issued.
Los Angeles Times