The State of California, along with the federal government, is offering a big tax rebate of up to $12,000 for eligible people to help with financial struggles. This isn’t called a stimulus check anymore, but it’s still a major help. To qualify, you need to pay your taxes on time and meet certain criteria. This aid comes from state and federal tax credits like CalEITC, YCTC, and EITC.
For 2023 taxes, low-income Californians could get up to $3,529 with CalEITC if they earn less than $30,950 yearly. You’ll need to fill out form FTB 3514 to get this credit. It’s meant to help those who need it most, especially low-income families.
The tax rebate can be boosted by the Federal Earned Income Tax Credit (EITC) for those making less than $63,398 annually. The Young Child Tax Credit (YCTC) offers up to $1,117 per tax return for eligible residents with a child under six, earning less than $30,931 yearly.
California is committed to helping its residents with targeted tax credits, using both state and federal resources. This program aims to give a significant financial boost to those who qualify, playing a vital role in California’s economic support efforts.
Related: Unlocking Financial Relief: Claiming the February Stimulus Check!