New Yorkers to get $2B in inflation refund checks
UNITED STATES -November 21: Governor Kathy Hochul is pictured during Press Conference at her offices in Midtown Manhattan early Tuesday November 21, 2023. During the press conference the Governor announced $3 million that would be allocated to expand
NEW YORK - New legislation signed by New York Governor Kathy Hochul includes sending inflation refund checks to over 8 million New Yorkers.
State's first ever refund check
What we know:
The FY 2026 Budget includes a plan to send New York’s first-ever inflation refund checks – the checks will put $2 billion back in the pockets of New York taxpayers. Hochul announced the details of the plan at a press briefing earlier today.
The funding will come from money the state collected in higher sales taxes, which were raised due to inflation.
Who qualifies?
Why you should care:
According to New York's Department of Taxation and Finance, individuals are eligible for a refund check if, for the tax year of 2023, they filed Form IT-201, New York State Resident Income Tax Return, reported income within the qualifying thresholds and were not claimed as a dependent on another taxpayer’s return.
People who qualify will automatically receive their check.
How much will eligible individuals receive?
Single taxpayers making $75,000 or less will receive a check of $200; those making $150,000 or less will get $150.
Joint filers who make $150,000 or less will receive $400, and those making $300,000 or less will get $300.
When will the checks be sent out?
The process of mailing out the refund checks will start in the fall of 2025, over a multiple-week period.
Inflation in New York
Dig deeper:
The inflation rate in New York rose 3.9 percent from April 2024 to April 2025, according to the Consumer Price Index. The New York area had the highest rate of inflation compared to the rest of the nation.
The Source: This article includes reporting from an announcement from New York Governor Kathy Hochul, as well as statements from several New York government offices and a report from the U.S. Bureau of Labor Statistics.