Still waiting for California’s stimulus checks? Here’s some potentially good news: Nearly 73,000 checks are on the way.
The Golden State began sending the latest round of checks on April 22, but the vast majority will be sent next week. If you still lose your check with old information, you may end up with a check next month.
The Golden State stimulus package is designed to help Californians who are still struggling during the pandemic. It provides aid to immigrants who were excluded from previous rounds of federal stimulus checks.
Here’s everything you need to know, including who’s eligible and how to get a one-time payment.
California Stimulus Check Details
A $3.8 billion Golden Gate stimulus package passed in February provided Californians with new stimulus checks. It includes a one-time stimulus check for eligible individuals.
California will make a total of 8.5 million payments, with two-thirds of Californians eligible. Eligible taxpayers in the state (with income up to $75,000 for the 2020 tax year) will receive a one-time payment of $600. Eligible individuals with an ITIN (Individual Taxpayer Identification Number)—usually immigrants and undocumented workers—get an additional $600, and taxpayers with dependents receive an additional $500.
Expanding the criteria to include those filing ITINs is a strategic move by Governor Newsom to include immigrants and undocumented people who were excluded from previous federal stimulus payment rounds.
How can California afford these stimulus checks?
Compared to other states, it’s easy to see why California has the ability to issue more stimulus checks: Government revenue has surged thanks to its progressive tax rates.
California’s progressive income tax (when tax rates increase with income) contributed $10.3 billion in additional revenue, more than forecast in January, according to Cal Matters, a nonprofit publisher explaining how the state’s capital works.
During the pandemic, the state’s wealthiest people haven’t been as badly affected by the pandemic as others. Additionally, many of these individuals work in the tech sector, which has been lucrative during the pandemic; California’s total capital gains in 2020 totaled nearly $174 billion.
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