LOS ANGELES (CBSLA) — Governor Gavin Newsom revealed on Monday that California has one of the largest budget surpluses in state history at $75.7 billion. The surplus could lead to another round of stimulus payments for eligible taxpayers and impact “just shy of 80% of all tax filers,” Newsom said.
The reason for California’s surplus is that the richest saw their wealth surge during the pandemic thanks to stocks and the state collected billions more than it expected due to capital gains taxes.
Here’s who is eligible for this new round of stimulus money:
- $600 will go to taxpayers making up to $75,000 a year
- An extra $500 for dependents
- Undocumented families are also eligible to receive $500 payments
$5 billion of the surplus funds have been set aside for rental assistance and $2 billion for overdue utility bills.
If state lawmakers approve the governor’s plan, which they are expected to do, this would be the second round of stimulus checks to go out to California families since the outset of the pandemic with the first round only applying to families earning fewer than $30,000 a year.