: 23 million Californians will receive ‘inflation relief’ checks of up to $1,050. These 10 states are also offering cash payments.

by | Jul 3, 2022 | Stock Market

In the not-too-distant past, lawmakers viewed direct government payments as a way to help households shore up their finances against the pandemic’s impact. Now, in a sign of the economy’s changing headwinds, direct checks are being billed as a way to soften inflation’s bite. But instead of the federal government issuing payments, a growing number of states are cutting checks made possible by budget surpluses.

California is the latest state to join the ranks of more than 10 others that have authorized direct payments to residents. Meanwhile, legislators in states including New Jersey and Indiana are calling for direct cash relief. Under a California budget agreement reached over the weekend, an estimated 23 million Golden State residents will receive payments up to $1,050. Similar to the rules on the three federal Economic Impact Payments (better known as stimulus checks), the California inflation relief payments hinge on the amount of income and dependents in the household. Californians with single incomes over $250,000, or reporting above $500,000 filing jointly as a couple, will not receive inflation relief checks. Here’s information on who qualifies.

“On Wednesday, California’s average price per gallon was $6.30, compared to $4.87 nationally.”

Whatever the amount, recipients will certainly find ways to spend it. California has the priciest gas in the nation, according to AAA. On Wednesday, the state’s average price per gallon was $6.30, compared to $4.87 nationally. Last year, California joined Maryland and Idaho as the three states issuing direct payments based on extra budget cash, said Richard Auxier, senior policy associate at the Tax Policy Center. California and Maryland’s 2021 payments were aimed at lower-income households while Idaho’s payments were more across the board. This year, California became the 15th state to green light payments, he said. The list includ …

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