According to a news release, Californians will get stimulus payments from the federal government totaling $12,000 in September 2024.
With the ever-increasing cost of living, this program seeks to help qualified people and families better their financial situations and pay for essential living expenditures.
Read on for details on who can apply, when they can expect to receive their stimulus check, and how to collect it. Citizens are selected for this program based on many criteria, guaranteeing that those in greatest financial need will receive this support.
Stimulus payments of $12,000 in September 2024
Individuals and families in California who fulfill the requirements will receive $12,000 stimulus cheques in September 2024. These checks are intended to provide significant relief. This new stimulus plan is unique in that it provides economic aid to California citizens only, rather than to other states.
The $12,000 lump sum will be handled by the Franchise Tax Board (FTB). The precise dates of payment will be published soon so that beneficiaries can plan accordingly and know when to expect their cheques.
The Rationale Behind Stimulus Payments
During economic downturns, stimulus cheques are vital because they give immediate assistance to those who are struggling financially.
The payments have a dual purpose: easing household financial stress and stimulating consumption, which ultimately benefits the economy.
Stimulus checks aid families in paying off their debt and small businesses by boosting consumer spending. Therefore, they aid with the overall economic recovery while simultaneously making recipients’ financial situations better.
Criteria for receiving the September 2024 stimulus payments of $12,000
In September 2024, recipients will receive stimulus payments of $12,000. To be eligible, recipients must fulfill the following requirements:
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Applicants’ 2023 incomes can’t have been more than $63,398.
All applicants must meet the eligibility requirements to receive the Federal Tax Credit.
Economic Security Tax Credit (EITC) in California: Additional assistance, up to $3,529 for families with three or more children, is available to those who earn $30,931 or less under this credit.
Could the $12,000 stimulus checks be made available to people outside of California as well?
The $12,000 stimulus payments don’t seem to be going to anyone outside of California.
After accounting for tax credits and rebates, the total comes to $12,000. When they file their taxes in 2023, they may be eligible for those who live in California. This is not even one stimulation check.
Residents of California who are eligible for and have claimed the EITC, YCTC, and CalEITC can receive up to $12,000 in federal tax benefits.
Income eligibility criteria for the California-specific tax credits known as the CalEITC and YCTC are approximately $30,000. A higher income threshold of $63,398 applies to the federal EITC credit.
To be eligible for credits and refunds, California taxpayers must submit their tax returns for the year 2023 no later than April 15, 2024. It takes 21 days for refunds that are submitted electronically to arrive. Returns made by paper can take up to three months.
Residents of certain states are eligible for rebates and credits, such as Vermont, Alabama, and Pennsylvania. No mention of expanding the $12,000 California rebate to other states appears in the search results.
