Tax Rebate Included in California 2022-23 State Budge
September 1, 2022
On June 30, 2022, California Governor Gavin Newsom signed the 2022-23 state budget, which includes another round of tax rebates, otherwise known as the ‘Middle-Class Tax Refund.’ These one-time payments aim at providing relief from rising inflation to eligible California residents who meet the following criteria:
- 2020 tax return must have been filed by October 15, 2021 or if an ITIN was applied for and wasn’t received by October 15, 2021, the 2020 tax return must have been filed by February 15, 2022.
- California adjusted gross income (AGI) is within certain limits.
- Not eligible to be claimed as a dependent in the 2020 tax year.
- California resident on the date the payment is issued.
Amounts you can expect to receive can be found in our full article here along with other highlights from the budget.
The payments are expected to be issued between October 2022 and January 2023. If the 2020 tax return was filed electronically and a tax refund was issued by direct deposit, then the payment will be made the same way. All others will be issued on debit cards.
We appreciate the opportunity to work with you and are available to answer any questions or concerns you may have.
Gatto, Pope & Walwick, LLP
Certified Public Accountants