Under the "inflation relief" plan, single filers who make less than $75,000 a year will receive $350, and joint filers with a combined yearly income under $150,000 will receive $700. If filers have one dependent or more, they get an additional $350.

Single filers who make more than $75,000 and less than $125,000 a year will receive $250, and joint filers with an income between $150,000 and $250,000 will receive $500. If these filers have one dependent or more, they get an additional $250.

Finally, single filers filers who make more than $125,000 and less than $250,000 a year will receive $200, and joint filers who make between $250,000 and $550,000 will receive $400. The additional amount of money received if these filers have a dependent is $200.

In total, the state estimates that 23 million Californians will be eligible for payments. The money will be distributed by the state Franchise Tax Board, and will go out to taxpayers around late October.

The inflation relief package also suspends the diesel sales tax for 12 months, and contains funding for transportation projects at the local level. Newsom must sign the budget by June 30.