At least 2 million direct deposits from the Golden State Stimulus II Program will hit bank accounts across California next week after the first round of 600,000 payments that was made on August 27, the Franchise Tax Board said on Thursday, September 9.
Gov. Gavin Newsom’s office estimates that nearly two-thirds of California taxpayers will be eligible for the Golden State Stimulus II payment of $ 600. Eligible families with children will receive an additional $ 500.
A representative of the state’s Franchise Tax Board said payments will continue in batches every two weeks.
The stimulus program is part of Senate Bill 129, which includes $ 12 billion in cash assistance for middle-class families “hardest hit by the pandemic,” Gov. Gavin Newsom said in August.
The GSII payments were taken from federal pandemic stimulus funds and the state’s $ 75.7 billion budget surplus.
Read more: Where is my tax refund? 14.7 million 2020 returns still in the works, according to IRS
Similar to federal stimulus payments, the California distribution is first sent by direct deposit to bank accounts used for annual tax refunds. Paper checks will be mailed to residents from early October, a representative from the Tax Franchise Board said.
Most direct deposit payments will be issued before October 15th. Those who filed a tax return after August 20 should expect to wait 45 days for the return to be processed and a payment issued.
To be eligible, residents must:
- 2020 tax filing by October 15, 2021;
- Have an adjusted gross income of $ 0 to $ 75,000 for the 2020 tax year;
- Be a resident of a state for more than half of the 2020 tax year;
- Be a resident of the State on the date the payment is issued;
- Cannot be claimed as a dependent by another taxpayer;
- A dependent is an eligible child or an eligible parent.
The first one Golden State Stimulus Program distributed payments of $ 600 or $ 1,200 for low-income families who receive the state’s earned income tax credit. These families typically earn less than $ 30,000 per year.
For an estimate of your California stimulus payment, go to ftb.ca.gov