$12,000 stimulus checks will be distributed this month to provide crucial financial support to residents. These one-time payments are intended to mitigate rising costs of living and help families cover essential expenses.
When will the stimulus check be given?
The Franchise Tax Board (FTB) is in charge of administering this stimulus program. Although payments will be distributed this month, exact details regarding the issuance dates are still pending. The FTB will provide more information as the distribution date approaches.
Requirements to be eligible
Residents who want to access this benefit must meet certain criteria. To qualify, the annual household income in 2023 must have been less than $63,398. Additionally, applicants must meet the requirements for the Federal Tax Credit, which ensures that beneficiaries receive additional support.
For example, California residents who earned $30,931 or less in 2023 may qualify for the California Earned Income Tax Credit (CalEITC). This credit offers additional relief to larger families, especially those with children, by providing greater tax benefits.
A combination of tax credits and refunds
The $12,000 total does not come from a single check, but is the sum of several tax credits and refunds. Qualifying Californians can take advantage of the CalEITC, the Young Child Tax Credit (YCTC), and the federal Earned Income Tax Credit (EITC) when filing their 2023 tax returns. Applicants must have filed by April 15, 2024, to access these benefits.
Returns filed electronically are typically processed within 21 days, while paper returns can take up to three months.
Program exclusivity in California
Unlike other states, this stimulus program is unique to California. While other states like Pennsylvania, Vermont, and Alabama offer rebate and tax credit programs, the $12,000 plan is designed specifically for Californians. This effort reflects the state’s initiatives to support its citizens amid growing economic challenges.
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