Stimulus News: Latest Round of Golden State Payments Worth Up to $1,100 Set to Hit On October 31

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The California Franchise Tax Board recently stated that for qualifying residents, the next round of state stimulus money is set to hit bank accounts by Halloween.

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The payments hitting bank accounts by October 31 are part of the Golden State Stimulus II payments, which are part of the overall Golden State Stimulus.

“If you qualify, you will receive your payment by either direct deposit or check in the mail and, typically, you’ll receive this payment using the refund option you selected on your tax return,” the California Franchise Tax Board stated. “Most direct deposit stimulus payments will be issued between September 1, 2021 and October 31, 2021. Some payments may need extra time to process for accuracy and completeness.”

The next payment in the Golden State Stimulus is the latest in a round of first-of-its kind stimulus payments coming directly from a state’s own budget. There are two separate payment programs. The latest, GSS II, is a one-time payment of either $500 or $1,100 payment per tax return for qualifying resident. The main qualifying credential is that a resident had to make $75,000 or under.

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Beyond that was the previous GSS I. The main difference for eligibility for this payment was that you must have been either a CalEITC recipient OR an ITIN filer who made $75,000 or less, total CA AGI. Those who qualify for CalEITC have taxable earned income up to $30,000, do not used “married/RDP filing separately on their taxes if they are married or RDP and meet all other qualifications for the payment, as well.

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The latest round of GSSII checks are specifically meant to continue to support low-income residents and families of California. Governor Gavin Newsom was able to roll this program out during the last couple of months because California operates under a progressive tax system. This means that the more money you make, the more you pay in taxes. This, along with thrifty budgeting, allowed for a state surplus, which has now doled out several payments to eligible residents. To date, over 3.3 million payments have been sent out, totaling $2.3 billion.

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Last updated: October 25, 2021

About the Author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience with concentrations in asset management, portfolio management, private client banking, and investment research. Georgina has written for Investopedia and WallStreetMojo. 

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