Friday, January 28, 2022

In 2022, will California provide further stimulus checks? Here’s what Governor Gavin Newsom has to say about it.

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Gov. Gavin Newsom introduced a $286 billion budget proposal for the fiscal year 2022 on Monday.

While the governor’s proposed budget does not include another round of Golden State Stimulus checks, he did leave the door open to more tax rebates this year as the state works out what to do with its big-budget excess, which might surpass California’s constitutional limit.

Here’s why, for the time being, the answer isn’t as simple as yes or no.

Governor Gavin Newsom wants all immigrants to have access to health care.
When the ceiling is reached, the state is required to refund money to taxpayers. This is due to Proposition 4, often known as the “Gann limit,” which was passed by voters in 1979.

According to the Associated Press, California exceeded the cap for only the second time since it was established last year, triggering the largest state tax rebate in US history.

According to Newsom, the Golden State Stimulus program returned roughly $12 billion to taxpayers, with payments of up to $1,100 still being made.

The state’s Legislative Analyst Office is forecasting a budget surplus of at least $31 billion for the fiscal year that begins July 1.

According to the governor’s January budget, California plans to exceed the “Gann limit” by $2.6 billion. Approximately half of the funds will be used for education, with the remainder going back to taxpayers.

But there’s no word on whether they’ll be dispersed in the form of stimulus checks just yet.

When asked about the possibility of such payouts, Newsom replied, “That’s an open-ended subject.” At least part of the reason is that the projected figure “will… most likely substantially change between now and May,” when the revised budget for the next fiscal year is due.

“So we are awaiting more contemporary information and data, more reflected of what is currently happening before we had to put this budget to bed to ultimately make that determination,” says the official.

If you qualify for a recovery rebate credit, you will get a letter from the IRS.

And, in the end, he feels that “absolutely,” taxpayers will be compensated in some way. “In May, we’ll figure out what form… and to what degree in terms of total financial numbers,” Newsom stated.

Golden State Stimulus I was included in the governor’s inaugural budget plan in 2021. The program was expanded in June, bringing payments to millions more residents, and it was eventually included in Newsom’s 2021-2022 budget, which he approved in July.

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