Inflation Price Relief From California

If you are a California resident, please read on......

Gov Newsom and the California State Assembly are proposing tax refunds to some California residents, to help with sharply rising prices. Here's what's being proposed:

AB 192/SB 192 authorizes approximately $9.5 billion in tax refunds, ranging from $400 to $1,050 for married filing joint and $200 to $700 for all other taxpayers depending on their California AGI, and whether they claim any dependent credits. The refunds will apply to anyone earning up to $500k.

To qualify, the taxpayer must:

• Be a California resident on the date the payment is issued, and for at least six months during the 2020 calendar year;

• Have filed their 2020 tax return by October 15, 2021; and

• Not be claimed as a dependent on another taxpayer’s 2020 California tax return.

The California Assembly will now debate the proposal and we all await their decision. If you have questions, please let me know.