Direct Cash Payments: Governor Announces Large Tax Rebate

California Gov. Gavin Newsom
California Gov. Gavin Newsom

This week, California Gov. Gavin Newsom previewed his $100 billion California Comeback Plan as the largest economic recovery package in California’s history.

Newsom's plan will expand the Golden State Stimulus Payments (GSSP) announced not long ago and provide nearly $12 billion in direct cash payments to Californians.

Under the plan, two-thirds of the state’s residents earning up to $75,000 annually (who did not receive a payment during the first round of the GSSP) will be individually eligible to receive $600.

“Qualified families with dependents, including undocumented families, will also now be eligible for an additional $500,” Newsom's office stated in a news release. “The plan triples California’s previous investment, reaching more people and giving bigger benefits.”

The state would also offer the largest renter assistance package of any state in the nation, with billions of dollars to help low-income Californians pay back 100 percent of their back-rent, their rent for the months to come, and overdue water and utility bills.

In late March, the California Credit Union League notified credit unions of these upcoming GSSPs. Click here and view the “Identification of GSSPs” section to learn more.

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