Lawmakers say the money should help offset the gas tax Californians are paying at the pump.
The $9 billion-proposal would come from the state's budget surplus.
Officials behind the proposal say if it's passed, every California filer would receive the rebate, including those who don't own or drive a car, because of the increase in living expenses.
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Officials said that would also ensure taxpayers who use "public transit, active transportation options, and zero-emission vehicles" could receive the rebate.
A press release from the office of Assemblywoman Cottie Petrie-Norris claims a rebate is better option than suspending the gas tax, saying that would impact funding for transportation projects and "offers no guarantee that oil companies would pass on the savings to consumers."
"This rebate will more than cover the current 51.1 cent per gallon gas tax for one full year of weekly fill ups for a car with a 15 gallon gas tank," the release said.
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The average price for a gallon of regular gas in California is listed at $5.77 as of Wednesday, according to AAA.
Lawmakers who are expected to announce the proposal include Assemblymembers Cottie Petrie-Norris, Cecilia Aguiar Curry, Rebecca Bauer-Kahan, Jesse Gabriel, Adam Gray, Jacqui Irwin, Evan Low, Chad Mayes, Blanca Rubio, Sharon Quirk-Silva and Carlos Villapudua.