The Franchise Tax Board said Thursday, Sept. 9, that at least $2 million of direct deposits from the Golden State Stimulus II program will arrive in bank accounts across California next week, following the first round of 600,000 payments.
Gavin Newsom’s office estimates that nearly two-thirds of California taxpayers will be eligible for a $600 Golden State Stimulus II payment. Eligible families with children will receive an additional $500.
A representative of the state’s franchise tax board said the payments would continue in batches every two weeks.
The stimulus program is part of Senate Bill 129, which includes $12 billion in cash relief for middle-class families “hit hardest by the pandemic,” Governor Gavin Newsom said in August.
The GSII payment was derived from the federal Pandemic Recovery Fund and the state’s $75.7 billion budget surplus.
Read more: Where is my tax refund? 14.7 million 2020 returns still in the works, says IRS
Similar to federal stimulus payments, California distributions are first being sent by direct deposit to bank accounts used for annual tax returns. A representative for the tax franchise board said paper checks would be sent to residents in early October.
Most direct deposit payments will be issued before October 15. Those who filed a state tax return after August 20 should expect to wait 45 days for the return to be processed and the payment to be released.
To qualify, residents must:
- file 2020 tax by October 15, 2021;
- have adjusted gross income of $0 to $75,000 for the 2020 tax year;
- Be a resident of the state for more than half of the 2020 tax year;
- Be a resident of the State from the date of issue of payment;
- cannot be claimed as a dependent by any other taxpayer;
- A dependent is a qualified child or eligible relative.
Excluded from payments whose income derives entirely from benefits such as Supplemental Security Income (SSI) and State Supplemental Payments (SSP) and Cash Assistance Program for Immigrants (CAPI), Social Security, CalWorks, unemployment, state disability insurance Is. SDI) and VA disability. Participants in the first round of incentive payments are also excluded.
The initial Golden State Stimulus Program distributed payments of $600 or $1,200 to low-income families who receive the state’s earned income tax credit. Those families typically make less than $30,000 a year.
To get an estimate of your California stimulus payment, visit ftb.ca.gov. go to