Due to Budget Surplus, California can get another Stimulus Check. Recently in a video reported by Fox 40, State Senator Brian Jones compared the budget surplus with rice and said If each grain of rice is $100,000, then California’s $45 billion surplus taxes over-collected by this much, while pointing towards a pile of rice.
According to him, it will be enough to give $1,125 back to individual Californians, which will be more than giving $4000 to an entire family.
California Will Get Past The Gann Limit
California is most likely to get past the Gann Limit, which will automatically restrict the state regarding the tax revenue it could spend. On the other hand, it will give the state different options regarding the leftovers. It could also include rebates to the taxpayer. According to CBS 13 staff , the January budget proposed by the state would be exceeding the Ganns Limit by $2.6 billion, which is actually appreciable.
Jones agrees with sending back rebates to the taxpayers and, on the other hand, recalled how last year was considered the Golden State Stimulus. Californians got lots of profit from the previous year’s surplus. Jones further added that any amount that could be given back as a rebate to the taxpayers is a huge benefit to every individual Californian.
No Such Spending Was Expected When The Budget Was Presented
According to Newsom, such spending was not included when the budget was proposed. Further, he did answer related queries about Golden State Stimulus Checks. On the other hand, he confirmed that some part of the surplus would be going back to the taxpayers. He further added that his team would work with the legislature and develop a plan to use these extras.
According to a State Legislative Analyst, things can get very complicated, and lawmakers can get confused if they wait to spend the money until May. The budget deadline is June 15, and it only gives a week to the lawmakers to decide. According to him, the state surplus will be more than the projections expected.