California Inflation Relief 2023: Inflation Relief Payments Will Be Continued Until February

California inflation relief payments will be extended as the state continues to send out more of the Middle Class Tax Refunds.

Recently, state officials announced that the checks would be sent out through February. The program was announced last summer and started the distribution of the inflation relief payments in October.

The Franchise Tax Board in California noted that a huge majority of recipients will still have their payments issued by the final phase of the program on January 14.

The FTB noted that people whose addresses have changed since they filed their 2020 taxes may have their debit cards released between January 30 and February 14.

The FBT will also be issuing another round of Middle Class tax Refund payments for those with the information needed for "additional review."

The state agency announced that they expect an additional 460,000 MCTR direct deposit payments will be issued by the end of the current week.

The inflation relief payments amount between $200 and $1,050 depending on the eligible recipients' income, tax filing status, and the number of dependents.

California Middle Class Tax Refunds

The Middle Class Tax Refunds in California are one-time payments aiming to provide relief to state residents amid the rising cost of basic goods.

Those who are eligible to receive the payments will automatically receive a check or a debit card.

The FTB has partnered with Money Network to distribute payments through a debit card.

Direct deposit payments will be made to eligible taxpayers who filed their 2020 California tax return.

Meanwhile, debit card payments will be mailed to the remaining eligible taxpayers.

Eligible recipients will receive their payment in a debit card if they filed a paper return, had a balance due, received their Golden State Stimulus payment by check, and received tax refund by check regardless of filing method.

Direct deposits are usually delivered within three to five business days. Some recipients will receive their debit card by mail for up to two weeks.

What Is The Current Inflation Rate of California?

In September, government officials announced that consumer prices increased by 8.2%.

The San Diego and Carlsbad area were the highest-ranked areas in California being affected the most by inflation.

In addition, California residents became one of the areas with residents paying the highest gas prices in the country.

The average cost for a gallon fell to $6.20 in October, which was a decrease from a near-record high of $6.42 last week.

The national average gas price at the time was $3.91.

The average U.S. household spent $396 more per month to buy the same goods and services in November 2022 as compared to the previous year.

Mark Zandi, the chief economist at Moody's Analytics, noted that for inflation to decrease, it will be a "long road." The chief economist projected that it would be 18 months or so before inflation falls back.

Zandi said in December that inflation is still "painfully high," but the pain of it is "increasingly less intense."

This article is owned by Latin Post.

Written by: Mary Webber

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