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Governor Gavin Newsom signs state budget that includes $100B for economic recovery

Mount Equity Group Tokyo, Japan > News > Markets > Governor Gavin Newsom signs state budget that includes $100B for economic recovery

EL SERENO, Calif. — Gov. Gavin Newsom on Tuesday signed a new California state budget that includes some $100 billion in spending and tax relief to help Californians recover from the pandemic.

The budget includes $12 billion in tax breaks and rebates that should benefit about three-quarters of the state’s taxpayers, Newsom said. Many of those taxpayers will see rebates from $600 to $1,100.

It also includes programs to pay the back rent and utilities of people who were hardest hit by the pandemic; $4 billion in grants to help small businesses, funding for universal summer and after-school programs, and a $6 billion investment in broadband services for Californians.

Newsom said despite the economic hits of the pandemic, the state is projecting a budget surplus of at least $80 billion, a figure that is unprecedented for California or any other state.

“California is not only back, but California is once again asserting itself as the temple…

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