Some extra cash might be in your future.
California residents will be eligible to receive different payment amounts, depending on income and dependents.
According to CNBC, if you make $75,000 or less, or $150,000 if you're married and file your taxes jointly, you can receive up to $350 for each tax filer. You'll also get another $350 if you have one or more dependents, bringing your household to the max total of $1,050. For tiers above that, tax filers can qualify for $200 or $250 payments each, but those who make above $250,000 individually or $500,000 when filing jointly do not qualify for inflation relief.Will other states follow suit?The sheer amount that California is planning to give out will actually"set a new standard,", senior state policy analyst at the Institute on Taxation and Economic Policy, told CNBC.
"They have a highly progressive tax code that is bringing in a lot of revenue from the profitable corporations and wealthy individuals that are doing the best in this economy right now," O'Neill told the outlet. But if you don't live in California and are hoping to get some state-funded relief, you will be happy to learn that other locales are pitching in.in the form of cash-back checks, rebate payments, and tax rebates and refunds, CNET reported, including Colorado, Delaware, Georgia, Hawaii, Idaho, Indiana, Maine, Minnesota, New Jersey, and New Mexico. Unfortunately, you might be out of luck if you live elsewhere, as most states have wrapped up legislative sessions for 2022, CNBC reported.