ALBANY, NY – [Photo by Aidin Bharti/Office of the Governor]
New York State’s first-ever inflation refund checks up to $400 are now being sent to 8.2 million eligible households statewide, with deliveries to continue throughout October and November.
“It’s simple — this is your money and we’re putting it back in your pockets”, New York Governor Kathy Hochul said during a press conference. “I’ll never stop fighting to help your family address the rising cost of living — and that’s why I also delivered on my promise to cut taxes for the middle class, expand the child tax credit and ensure free school meals for every student”.
According to the Governor’s Office, there is no need to apply, sign up or do anything to receive a check, since this initiative was secured and enacted as part of Governor Hochul’s ongoing commitment to putting money back in the pockets of New Yorkers. Earlier this year, the Governor also secured and enacted initiatives to cut taxes for the middle class to their lowest levels in 70 years, expand New York’s Child Tax Credit to up to $1,000 per child and ensure universal free school meals to save families around $1,600 per child.
“Inflation has driven the costs of everyday necessities higher and as a result, the State’s revenue from the collection of sales tax has also increased. Governor Hochul believes that money belongs to hardworking New York families and should be put back in their pockets as an inflation refund — and that’s why 8.2 million households statewide will receive a check this fall”, a press announcement by the Governor’s Office notes.
The latest reports from the Federal Reserve show that approximately 37 % of adults across the nation would have to borrow money or sell personal belongings to pay a $400 emergency expense using cash or its equivalent. “The inflation refund checks can offer hardworking New Yorkers a cushion for smaller expenses, providing them with a sense of relief for unexpected repairs or emergencies”.
Who’s Eligible for an Inflation Refund Check?
You are eligible for an inflation refund check if, for tax year 2023, you: Filed Form IT-201, New York State Resident Income Tax Return; Reported income within the qualifying thresholds below; and, were not claimed as a dependent on another taxpayer’s return.
Joint tax filers with income up to $150,000 will receive a $400 check.
Joint tax filers with income over $150,000 but no greater than $300,000 will receive a $300 check.
Single tax filers with income up to $75,000 will receive a $200 check.
Single tax filers with incomes over $75,000 but no greater than $150,000 will receive a $150 check.
Additional information from the NYS Tax Department can be seen at ny.gov/inflationrefund
