Newsom’s CA Comeback Plan

In mid-May, California Governor Gavin Newsom released a revised state budget proposal for 2021-2022. This budget supports a $100 billion CA Comeback Plan with a projected state surplus of $75 billion, plus $25 billion in federal relief. Provisions include: Golden State Stimulus II, with $600 payments to 2020 tax filers with adjusted gross income of up to $75,000 of wages, if they didn’t already receive a payment under the original Golden State Stimulus plan. Also in the revised budget is a Main Street Small Business Tax Credit allocating $147 million to assist firms that made hires during the current fiscal year.

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