Fighting Inflation With Tax Rebates
I know many of you are hurting because the dollar doesn't go as far as it used to these days. From gasoline to groceries, global inflation is taking a toll on the cost of living.
As Assembly Budget Chair, I'm proud to announce some relief is on the way to most Californians, thanks to the state budget just enacted.
The centerpiece of California's latest spending plan includes about $9.5 billion in tax rebates. The Franchise Tax Board is expected to begin sending out payments in October based on 2020 tax returns. Estimate your rebate here.
For incomes of less than $75,000, individuals would receive $350, while couples making less than $150,000 would get $700. Having at least one dependent would add another $350, bringing the maximum rebate to $1,050.
For incomes between $75,001 and $250,000, individuals would receive $250, while couples would get $500. Having at least one dependent would add another $250, bringing the maximum rebate to $750.
For higher incomes, individuals earning $250,001 to $500,000 would receive $200, while couples earning less than $500,000 would get $400. And, having at least one dependent would increase the rebate another $200, bringing the maximum rebate for this category to $600.
For those on Supplemental Security Income/State Supplementary Payment (SSI/SSP), many will see their previously-approved grant increases take effect next year, instead of 2024. For individuals, their grants will be $39 more per month, while couples will see an additional $100 per month.
In the coming weeks, I will be sending you additional emails highlighting other fantastic investments we're making in our record $300 billion state budget. We're expanding social safety net programs, boosting funding for education, helping small businesses and more - all while having $38 billion in reserves, in case of an economic downturn.
It's all very exciting, and I can't wait to send you details!
Assemblymember, 19th District