As for the possibility of issuing new stimulus checks, Congress is currently on hold – and will remain so at least until early January. It was thanks to West Virginia Democratic Senator Joe Manchin who dropped any chance that the Senate would pass his version of President Biden’s latest stimulus bill before the body adjourned for the year a few days ago. . But just because Congress hasn’t decided anything new yet? This does not mean that people are completely excluded from the possibility of new checks. Example: just look at what California is doing, with its Golden State Stimulus 2 effort.
New Golden State Stimulus 2 checks coming soon
According to news reports, approximately 794,000 Golden State Stimulus 2 checks with a total value of $ 568 million are mailed to eligible residents of the state through December 31.
After that? Just another batch of payments will come out. This final mailing will run from Dec. 27 through Jan. 11, according to the state’s Franchise Tax Board. Also important to know: Residents should allow up to three weeks to receive their paper check in the mail.
According to the Franchise Tax Board, the state of California has issued or announced nearly 8.1 million Golden State Stimulus 2 payments. This number is current as of December 23. And in total, these payments are valued at nearly $ 5.8 billion.
California program details
In the meantime, here’s a quick reminder of what’s going on with this stimulus payment program. “Taxpayers who have adjusted California gross income of $ 1 to $ 75,000 for the 2020 tax year – and who (filed) their state income tax return by October 15, 2021 – are eligible for the Golden State Stimulus 2, ”explains the Franchise Board’s website.
The state’s federal pandemic funds, along with a state budget surplus of $ 75.7 billion, are funding these controls. And the California Franchise Tax Board is the agency that sends it all. Some families with eligible dependents will receive up to $ 1,100. But the main stimulus check payment made here is $ 600.
Additional Requirements: Beneficiaries must have been California residents for more than half of the 2020 tax year. They must also be California residents on the date their payment is issued.
Biden’s plan blocked in Congress
The reason all eyes are on initiatives like these in the United States right now is because Congress has hit a legislative brick wall regarding the new stimulus controls.
President Biden’s Build Back Better legislation of nearly $ 2 trillion would have funded 12 more months of checks. This was an extension of the monthly child tax credit payments.
Democrats needed Manchin’s vote in the Senate, however. And when they didn’t get it, it kicked off the action on legislation in the New Year. Unfortunately, the IRS has also clarified that this means it won’t send out a new child tax credit check on January 15.