More than one million Californians may receive thousands of dollars in aid in the fight against skyrocketing gasoline prices and other commodities. Gov. Gavin Newsom and legislative leaders in California struck an agreement on the framework for the state budget for 2022-23, Newsom’s office announced on Sunday.
The governor’s office announced in a press release that 23 million Californians could each get up to $1,050 as part of a $17 billion inflation relief plan.
“California’s budget addresses the state’s most pressing needs, and prioritizes getting dollars back into the pockets of millions of Californians who are grappling with global inflation and rising prices of everything from gas to groceries,” Newsom, Senate President pro Tempore Toni G. Atkins, and Assembly Speaker Anthony Rendon said.
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According to AAA, the average price of a gallon of petrol in California on Monday was $6.32, over 30% higher than the national average. This discount comes at a time when California drivers suffer the nation’s highest gas costs. In March, Newsom initially floated the idea of a gas tax credit.
A bill to halt state gas taxes has been enacted in both Georgia and Maryland. This agreement also includes a delay of the state sales tax on diesel, which reached as high as $7 across California according to AAA, and additional funding to help residents pay their rent and energy bills, according to state officials.
Residents in California who earn at least a particular amount of money each year will get some of the state’s $97 billion budget surplus. There is a compromise in this idea because the money will flow to all taxpayers instead of just those who own a car because the checks will be bigger.
NEW: Millions of Californians will be receiving up to $1,050 as part of a NEW middle class tax rebate.
That’s more money in your pocket to help you fill your gas tank and put food on the table.
— Gavin Newsom (@GavinNewsom) June 27, 2022
Most of the aid will go to Californians who are in the lower and moderate-income brackets. The state will provide more gas stimulus money to residents whose annual incomes are lower. Single taxpayers making less than $75,000 a year and married couples making less than $150,000 a year will each receive $350.
An additional $350 will be given to taxpayers who have dependents. If a couple makes $125,000 and has two children, they will receive $350 for each adult and $350 for each of their children. Meanwhile, those with higher incomes would see their benefits reduced as a result of the agreement. There is a limit of $750 per household that can be received by single taxpayers who earn between $75,000 and $125,000 and couples who earn between $150,000 and $250,000 each year.
If a person earns between $125,000 and $250,000 in a year, he or she will receive a $200 tax credit, and couples earning between $250,000 and $500,000 would receive a $200 tax credit for each member of the household they support. This is equivalent to a payment of $600 per family. Stay tuned with us only on Lee Daily