Gov. Gavin Newsom of California introduced a $286 billion budget plan for the fiscal year 2022. The governor’s proposed budget does not contain another round of Stimulus checks. However, he did leave the door open to further tax rebates this year.
The state is compelled to reimburse money to taxpayers if the cap is reached. California exceeded the cap for only the second time. It is considered the biggest state tax rebate in US history, as reported by the Associated Press.
California will exceed the cap by $16 billion. According to the Newsom administration. The governor suggested the biggest state tax rebate in history.
According to Newsom, the Golden State Stimulus program returned roughly $12 billion to taxpayers, with payments of up to $1,100 still being made.
The state’s Legislative Analyst Office is forecasting a budget surplus of at least $31 billion for the fiscal year that begins July 1.
According to the governor’s January budget, California plans to exceed the “Gann limit” by $2.6 billion. Approximately half of the funds will be used for education, with the remainder going returned to taxpayers.
But there’s no word on whether they’ll be dispersed in the form of stimulus checks just yet.
The governor’s original budget plan for 2021 contained the Golden State Stimulus I. Another version was announced in June and included in Newsom’s approved budget for 2021-2022 in July, according to the report of KTLA5 news.
California’s last round of stimulus money has been distributed
California citizens who qualify received the final wave of state stimulus payments earlier this week.
This was the final round of stimulus cheques for the fiscal year 2021. However, a state budget surplus allows for additional money to be released in 2022.
Governor Gavin Newsom’s recent statements have also hinted that extra stimulus money might be included in the 2022 budget.
Millions of Americans are hoping that additional government stimulus money will arrive in mailboxes and bank accounts in 2022 as the COVID-19 continues.
But there aren’t many hints that a fresh wave of stimulus money, or even more money for the Child Tax Credit.
In 2021, the amount of federal stimulus money was quite small. California recently handed out the final wave of stimulus cheques to households. Totaling an amount of more than $5.9 billion, based on the report of The Ascent news.
The governor stated earlier this week that when the budget is amended in May, he intends to add extra stimulus money. Residents would most likely receive an extra refund from the government. He also stated that the budget does not include any additional taxes.