Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

California Governor Signs $234.4 Billion Budget With Cash Relief

July 1, 2022, 12:53 AM

Gov. Gavin Newsom signed 29 bills enacting the state budget in time for the July start of the new fiscal year that includes $9.5 billion in cash payments to California taxpayers to ease the pinch of inflation.

Californians earning up to $250,000 will receive checks ranging from $200 to $1,050, depending on income and family size, by October, the Democratic governor said. The $234.4 billion budget also includes:

  • Suspension of the state portion of sales tax on diesel fuel for one year;
  • Reduced and simplified taxes on the cultivation and sale of cannabis; and
  • A new volume-based tax on ...