Amidst the pressures of record inflation, California is offering relief with middle class tax refunds hitting residents' bank accounts soon.
A press release from the governor's office said the funds would arrive via direct deposit into bank accounts from now through Nov. 14.
Building off last year's Golden State Stimulus program, the release said this new initiative will benefit up to 23 million Californians with the distribution of $9.5 billion.
“We know it’s expensive right now, and California is putting money back into your pockets to help. We’re sending out refunds worth over a thousand dollars to help families pay for everything from groceries to gas," Gov. Gavin Newsom said.
According to the news release, this is the largest program of its kind in the history of California.
“Inflated costs for everyday necessities have forced many to cut corners or make impossible choices, and pain at the pump has been compounded by the return of the commute for many Californians," State Controller and Franchise Tax Board Chair Betty Yee said in the statement. "As the holidays approach, my team members are thrilled to be able to get these payments into the hands of those who have been struggling, so they can enjoy a measure of relief.”
As a result of this relief program, couples filing jointly can expect to receive payments from $400 to $1,050 while individuals gain $200 to $700. What determines the amount is a person's income and whether they claimed a dependent on their taxes. Refunds are available for those who file with an Individual Taxpayer Identification Number as well as those who file with a Social Security Number, according to the release.
An estimated 8 million direct deposits will be arriving in bank accounts through Nov. 14, and an estimated 10 million debit cards are set to be delivered from Oct. 25 through Jan. 15. To determine availability visit the following link: taxrefund.ca.gov.