CA announces $1B in tax credits returned to residents

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California Gov. Gavin Newsom announced that state residents have received more than $1 billion in tax credits and that the increase in minimum wage scheduled for 2021 will occur.

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California Gov. Gavin Newsom announced Wednesday that Californians have received more than $1 billion back in tax credit through the California Earned Income Tax Credit, or CalEITC, and Young Child Tax Credit, or YCTC.

As of Monday, more than 3.6 million filers had claimed the credit, which cumulatively gave $1 billion back to Californians.

CalEITC-eligible families with children under the age of 6 are able to receive an additional $1,000 if they claim the YCTC.

Additionally, Newsom announced that the minimum wage increase scheduled for 2021 will occur, despite the fact that the current economic conditions allow him to suspend the increase.

For businesses with fewer than 25 employees, the minimum wage will increase to $13 an hour on Jan. 1. For those with more than 25 employees, the minimum wage will increase to $14 an hour.

Check back for updates.

Sebastian Cahill is a deputy news editor. Contact him at [email protected] and follow him on Twitter at @SebastianCahil1.