Photo credit: Money NetworkSTATEWIDE – The Middle Class Tax Refund (MCTR), a one-time payment to provide rising cost relief to Californians, has crossed the $8 billion dollar mark. The state expects about 95% of all payments to be issued by the end of this week.
The Franchise Tax Board last updated their website December 16 with the latest stats on the refund.
More than 28 million Californians have received refunds up to $1,050 depending upon filing and dependent status
According to the site, the remaining debit cards were issued December 19 to residents with last names starting with L – Z who did not receive the Golden State Stimulus. The payments will continue throughout this week.
The site says to allow up to two weeks from the issued date to receive the debit card by mail.
Direct deposits will continue until January 14 for recipients who changed their banking information since filing their 2020 tax return.
This will finish off the remaining $1.5 billion in payments.
Photo credit: CA Franchise Tax BoardRELATED: California holds over $11.9 billion in lost money; check to claim yours
Debit Card Refunds
The state has issued 6.9 million direct deposits and partnered with Money Network to provide 8 million debit cards to Californians.
The MCTR debit card is pre-loaded with the refund money. Once a recipient activates the card, it can be used to make direct payments or cash withdrawals. A MCTR debit card Frequently Asked Questions (FAQ) section can be found on the Franchise Tax Board website.
For more information about the Middle Class Tax Refund and debit card visit https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/index.html?WT.ac=Global_banner_MCTR
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