New York to Send ‘Inflation Refund' Checks to Eligible Residents
New York Gov. Kathy Hochul on Tuesday announced the state's first-ever 'inflation refund,' a one-time payment to eligible residents.
Hochul said during a news conference that inflation has driven up costs for New Yorkers, and they should get that money back. The funding, according to the governor, will come from the money the state collected in higher sales taxes because of inflation.
'We collected more in sales tax as a result. Unanticipated revenue. I said, this can go into the state coffers, but why not give it to the residents whose pockets it came out of? They paid more than they ever expected. That's the whole idea behind an inflation refund.'
Collectively, the one-time payment will put $2 billion back in the pockets of over eight million New York taxpayers, Hochul said. The amount of the payment would be based on filing status and income.
Joint tax filers who earn up to $150,000 will receive a $400 check, while those earning between $150,000 and $300,000 will get $300. Single tax filers with incomes up to $75,000 should expect to receive a $200 inflation refund check, and those earning between $75,000 and $150,000 will get a $150 check.
Hochul first proposed her plan of an inflation refund check last December and secured the funding in the fiscal year 2026 state budget agreement. Her initial plan called for higher refunds, specifically $300 for single filers making $150,000 or less, and $500 for joint filers making up to $300,000.
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According to data from the
In announcing the inflation refund plan, the governor signed a large check while announcing the inflation refund. 'We got it done, everybody. We got it done,' she told supporters.
Residents who qualify for the one-time payment don't need to fill out an application or take any type of action, according to a
As part of the state budget, Hochul is also giving 1.6 million New York families an annual tax credit of up to $1,000 per child under age four and up to $500 per child from four through sixteen, marking the largest expansion of New York's child tax credit in its history. The state budget agreement also includes her plan to cut taxes for more than 75 percent of all tax filers in the state.
United Way of New York City President and CEO Grace Bonilla said in a
According to United Way's 2023 True Cost of Living
New York's inflation refund checks are similar to California's Middle Class Tax Refund program. That one-time payment was issued to eligible recipients between October 2022 and January 2023, to provide relief to residents in the state. California's refund came in the form of a debit card that required activation.
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