KCRA

What to know about ‘inflation reduction’ payments

RECENT MASS PRINTS. NEW TONIGHT, AN INTERIM AGREEMENT HAS BEEN REACHED BETWEEN GOVERNOR NEWSOM AND LEGISLATIVES ON GASOLINE TAX RELIEF. THE DEAL WILL PROVIDE UP TO $1,050 TO FAMILIES IN THE FACE OF RISE IN PRICES AT THE PUMP. HERE’S HOW THE THREE SEPARATE LEVELS BREAK DOWN. SINGLE FILERS WHO EARNING $75,000 OR LESS AND JOINT FILERS WHO EARNING $150,000 OR LESS WILL RECEIVE $350 PER TAXPAYER AND $350 PER DEPENDENT. SINGLE FILERS WHO EARNING $125,000 OR LESS AND JOINT FILERS WHO EARNING $250,000 OR LESS WILL GET $250 PER TAXPAYER AND $250 FOR EACH DEPENDENT. FINALLY, SINGLE FILARS WHO EARNING $250,000 OR LESS AND JOINT FILARS WHO EARNING $500,000 OR LESS WILL GET $200 PER TAXPAYER AND AN ADDITIONAL $200 PER DEPENDENT. THE PLAN WILL REFUND PART OF CALIFORNIA’S RECORD $97 BILLION BUDGETARY SURPLUS TO TAXPAYERS. TALKS ARE EXPECTED TO EXTEND THROUGH THE WEEKEND AND ALTHOUGH BOTH PARTIES HAVE AGREED ON A FRAMEWORK, OVERALL NUMBERS MAY CHANGE AS PARTS OF THE BUDGET ARE FINALIZED

23 million Californians will receive ‘inflation cut’ payments after budget deal is struck, state leaders say

The framework includes direct payments to taxpayers of up to $1,050

Millions of California taxpayers will get “inflation relief” tax refunds after lawmakers reach agreement on the 2022-23 budget framework. The deal also suspends the state sales tax on diesel. “The centerpiece of the deal, a $17 billion inflation-reduction package, will provide tax refunds to millions of working Californians,” a joint statement from Governor Gavin Newsom, of President of the Senate pro Tempore Toni Atkins and Speaker of the Assembly Anthony Rendon. Previous coverage in the video player above. The framework includes providing direct payments to 23 million Californians of up to $1,050. Payments would be issued via direct deposit refunds or debit cards to tax filers. by the end of October, according to the Newsom administration. Tax Board estimates that all would be issued by the end of 2022 or early next year. Here’s how direct payments would work. Taxpayers would receive $350, $250 or $200 depending on their income level, with an additional payment of the same amount if they have at least one dependant. Single filers who earn less than $75,000 would receive $350. Joint filers with incomes below $150,000 would receive $700. If they have at least one dependent, they will receive an additional $350. So, for example, that means a married couple earning $100,000 a year with one child would get $1,050. About 82% of state recipients are at this income level. Single filers earning $75,001 to $125,000 would receive $250. Co-registrants with income between $150,001 and $250,000 would receive $500. If they have at least one dependent, they will receive an additional $250. About 12% of beneficiaries are at this level. Single filers earning $125,001 to $250,000 would receive $200. Co-filers who earn between $250,001 and $500,000 would receive $400. If they have at least one dependent, they will receive an additional $200. About 6% of beneficiaries are at this level. Here’s what else is in the deal. Starting Oct. 1, the state will suspend the diesel sales tax, which is now 23 cents per gallon, for 12 months. “The state will provide local governments with the equivalent amount of revenue, estimated at $439 million, so there will be no impact on local transportation funding projects,” said HD Palmer of the Department of Finance. to KCRA 3. This comes as the last word. Friday was that a suspension of a gas tax was not an option because Newsom and Democratic leaders refused, arguing that it would not guarantee a price drop large enough to benefit drivers. Sunday’s deal also includes additional funding to help people pay rent and utility bills. The statement from the governor and legislative leaders also said California “would become the first state to achieve universal access to health care coverage,” but did not elaborate on specifics. And the framework would provide more than $200 million in additional funding for reproductive health services. “This budget builds on our unprecedented commitment to transform the resources available to our state, from a multi-year, $47 billion infrastructure and transportation package to education and health care, showing the nation what a real pro-life program looks like,” the statement said. The deal comes as Californians have struggled with rising gas prices. On Sunday, the state’s average gallon of regular gasoline cost $6,321. Although this is not as high as the all-time high of $6,438, which was set on June 14. And the diesel prices are even higher at $6,973. | INTERACTIVE DATA BELOW | A county-by-county look at gasoline prices in the Greater Sacramento area

Millions of California taxpayers will get “inflation relief” tax refunds after lawmakers reach agreement on the 2022-23 budget framework. The deal also suspends the state sales tax on diesel.

“The centerpiece of the deal, a $17 billion inflation-reduction package, will provide tax refunds to millions of working Californians,” a joint statement from Governor Gavin Newsom, of President of the Senate pro Tempore Toni Atkins and Speaker of the Assembly Anthony Rendon.

  • Previous coverage in the video player above.

The framework plans to pay 23 million Californians direct payments of up to $1,050. Payments would be issued via direct deposit refunds or debit cards to filers by the end of October, according to the Newsom administration. The state’s Franchise Tax Board estimates that all would be issued by the end of 2022 or early next year.

Here’s how direct payments would work.

Taxpayers would receive either $350, $250 or $200 depending on their income level with an additional payment of the same amount if they have at least one dependant.

  • Single filers who earn less than $75,000 would receive $350. Co-filers with an income of less than $150,000 would receive $700. If they have at least one dependant, they will receive an additional $350.

So, for example, that means a married couple earning $100,000 a year with one child would get $1,050.

About 82% of state recipients are at this income level.

  • Single filers earning $75,001 to $125,000 would receive $250. Co-registrants with income between $150,001 and $250,000 would receive $500. If they have at least one dependant, they will receive an additional $250.

About 12% of beneficiaries are at this level.

  • Single filers earning $125,001 to $250,000 would receive $200. Co-filers who earn between $250,001 and $500,000 would receive $400. If they have at least one dependent, they will receive an additional $200.

About 6% of beneficiaries are at this level.

Here’s what else is in the deal.

Effective Oct. 1, the state will suspend the diesel sales tax, which is now 23 cents per gallon, for 12 months.

“The state will provide local governments with the equivalent amount of revenue, estimated at $439 million, so there will be no impact on local transportation funding projects,” said HD Palmer of the Department of Finance. at KCRA 3.

It comes as the final word on Friday was that a gas tax suspension was not on the cards as Newsom and Democratic leaders refused, arguing that it would not guarantee a price drop big enough to benefit consumers. drivers.

Sunday’s deal also includes additional funding to help people pay their rent and utility bills.

The statement from the governor and legislative leaders also said California would “become the first state to achieve universal access to health care coverage,” but did not elaborate on specifics.

And the framework would provide more than $200 million in additional funding for reproductive health care services.

“This budget builds on our unprecedented commitment to transform the resources available to our state, from a multi-year, $47 billion infrastructure and transportation package to education and health care, showing the nation what a real pro-life program looks like,” the statement said. statement said.

The deal comes as Californians grapple with rising gas prices.

On Sunday, the state’s average gallon of regular gasoline cost $6,321. Although this is not as high as the all-time high of $6,438, which was set on June 14. And diesel prices are even higher at $6,973.

| INTERACTIVE DATA BELOW | A County-by-County Look at Gas Prices in the Greater Sacramento Area

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