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Sunday, August 7, 2022

Latest Stimulus Checks: Qualifying Residents To Get $1100 In September

This week, the Tax Board of the California Franchise announced that the 2nd round of the stimulus checks being sent out by the state would have reached bank accounts on 17th September. The estimated number of checks that are supposed to be directly deposited into bank accounts is 2 Mn. The number was given by the CFTB.

A Maximum Stimulus Check Amount Of $1100

To qualify for the GS 2 stimulus checks, the recipient must be a resident of California. Their annual earning must have been equal to or below $75000 according to their tax return for 2020.

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The 1st round of these stimulus checks, known as the GS 1 Stimulus, was sent out on 27th August. About 650000 checks were sent out which were targeted at Californians whose income was at the lower end of the spectrum. Gavin Newsom, the governor, had earlier said that an overwhelming majority of Californians, about 67%, will qualify for the state stimulus payments.

The state’s tax board has circled out around 9Mn tax returns which meet the criteria for the stimulus payments being sponsored by the state. But they also expect that more qualifying returns will be filed by the deadline which is 15th October. As such, the number of people who will be receiving aid should increase with time.

The Stimulus of the Golden State was signed by Newsom back in July. It was among the earliest stimulus plans by a state in the entire nation. California has a tax schedule that is progressive. This means that the taxation amount directly increases with your earnings. Coupled with a budget that is thrifty, the state had a massive surplus in its budget. This is being used to fund the stimulus payments, which will be compounding the earlier federal aids.

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