California's budget surplus has grown to $68 billion and a news spending proposal will give a portion back to taxpayers in the form of $200 checks.
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Gov. Gavin Newsom estimated the state would have a surplus of $29 billion this year but the state collected more in taxes than expected, according to KTVU. The State Senate said they will distribute $8 billion as part of the "Better for Families Rebate" program. Taxpayers who make less than $125,000 a year, or $250,000 per year for couples who file together will receive a $200 check, the station said.
A $200 check will also be sent for each dependent of a family.
The Senate spending plan proposes distributing billions of dollars in aid to small businesses with 250 employees or less in the form of a $10 billion rebate plan, the station reported.
The proposal will also allocate $500 million in grants to businesses with a maximum of 150 employees to help with the costs of a new law that requires two weeks of paid sick leave due to COVID-19, the news station said.
The budget proposal needs to be approved by the state Assembly and Newsom. The governor is expected to revisit the budget proposal by May 15.
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