The California Franchise Tax Board’s new program provides $6,000 in total distributed as $500 monthly payments to low-income residents.
California Franchise Tax Board’s New Program
The California Franchise Tax Board (FTB) has started a new program to help low-income families and individuals who are struggling financially. This program gives $6,000 to eligible residents in monthly payments of $500. It was first introduced during the COVID-19 pandemic but was stopped when things got better. Now, with inflation and economic problems still affecting many people and the program is back to offer support, according to the report of Marca.
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Financial Aid for 8.3 Million Households
To qualify for these payments, you must be a permanent resident of California with an income below $75,000 for individuals or $150,000 for married couples filing together. You also need to have filed your 2020 tax return by October 21, 2021, and have a Social Security Number. The payments started in June 2023 and will go on until November 2024, giving families a steady source of help for 18 months to cover things like food, healthcare, and education.
The FTB promises to send out these payments on time. If there are any delays, recipients should wait up to three extra business days before contacting the FTB for help. About 8.3 million households are expected to benefit from this program making it a major effort by the state to provide financial relief to those in need during tough times.
