If this year’s budget surplus is as large as California’s legislative analysts expect, you may be owed that much.
California’s legislative analysts suggest that if the projected budget surplus is as large as they think it will be, you may be owed that much, FOX11 reported.
In 1979, California voters approved Proposition 4, also known as the Gann Limit, which limits the amount of tax revenue the state is permitted to spend.
Spending is limited to the 1978-79 levels, with some expansion allowed based on population growth and personal income. In other words, we should receive a refund if we paid too much in taxes.
When asked about the possibility of a rebate, Governor Gavin Newsom said that he would probably include some kind of rebate in his final budget proposal.
According to Susan Shelley, of the Jarvis Taxpayer’s Association, politicians are required to contribute to education and to refund other contributions.
However, she adds that they have a choice in how to handle the refund, as long as it is fair. Perhaps they can issue tax rebates.
