2.5 Million Golden State Stimulus Payments Worth $1.6 Billion Paid Out To California Taxpayers
LOS ANGELES (CBSLA) — Golden State Stimulus payments worth $1.6 billion have been issued to 2.5 million eligible taxpayers, the Franchise Tax Board announced Thursday.
One-time payments of $600 or $1,200 have been issued so far to taxpayers who have filed their 2020 taxes. The Golden State Stimulus was passed this year to help Californians and businesses struggling from the COVID-19 pandemic.
"We passed the recovery package to get money into the pockets of Californians who were hit hardest by this pandemic, and that's exactly what the Golden State Stimulus is doing – already getting $1.6 billion to 2.5 million Californians," Gov. Gavin Newsom said in a statement.
To receive the Golden State Stimulus, Californians who are not claimed as a dependent must file a 2020 state income tax return. People who file with a Social Security number and receive the California Earned Income Tax Credit (CalEITC), or who file with an Individual Taxpayer Identification Number (ITIN) and had $75,000 or less in 2020 income qualify for a $600 payment, while people who file with an ITIN and receive CalEITC will receive $1,200.
Golden State Stimulus payments are issued about 45 days after their eligible 2020 tax returns are processed if they use direct deposit, but may take up to 60 days if a paper check is sent.