Latest news with #InflationRefund
Time of India
24-07-2025
- Business
- Time of India
New York State $400 Inflation Refund Checks: How and when to get refunds? Here's who is eligible and what is required to get checks
New York State is issuing one-time inflation refund checks to its residents. These payments are part of the 2025-2026 state budget and aim to help people deal with the effects of rising sales taxes due to inflation. Eligible individuals do not need to apply, as the checks will be mailed automatically. Why will Some Residents Get Inflation Refund Checks? The refund checks are part of New York's 2025-2026 state budget. This is the first time New York is offering this type of payment. The refund is meant to ease the burden of increased sales taxes caused by inflation. The New York State Department of Taxation will mail the checks over several weeks. Distribution begins in mid-October 2025 and continues through the fall. Over 8 million people are expected to receive the checks. Explore courses from Top Institutes in Please select course: Select a Course Category Public Policy Product Management Data Analytics Degree Operations Management Artificial Intelligence Digital Marketing Project Management Data Science MBA Leadership CXO others Finance healthcare Technology Data Science Healthcare PGDM Cybersecurity MCA Design Thinking Management Others Skills you'll gain: Economics for Public Policy Making Quantitative Techniques Public & Project Finance Law, Health & Urban Development Policy Duration: 12 Months IIM Kozhikode Professional Certificate Programme in Public Policy Management Starts on Mar 3, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Calcutta Executive Programme in Public Policy and Management Starts on undefined Get Details Who is Eligible and How to Get Inflation Refund Checks? To qualify for a refund check, individuals must meet specific conditions: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mountain Gear for Extreme Conditions Trek Kit India Learn More Undo They must have filed Form IT-201 for the 2023 tax year. Their income must fall within certain limits. They must not have been listed as dependent on another taxpayer's return. Eligibility is determined automatically. Residents do not need to take any action to receive the refund. Also Read: Will Bryan Johnson never die? Here's all about tech entrepreneur's tall claim, Bryan AI and Project Blueprint How Much Will be Refund? The payment amounts depend on the filer's adjusted gross income and filing status for the 2023 tax year. Live Events For single filers $75,000 or less: $200 refund Over $75,000 up to $150,000: $150 refund For married couples filing jointly $150,000 or less: $400 refund Over $150,000 up to $300,000: $300 refund For married individuals filing separately $75,000 or less: $200 refund Over $75,000 up to $150,000: $150 refund For head of household $75,000 or less: $200 refund Over $75,000 up to $150,000: $150 refund For qualified surviving spouse $150,000 or less: $400 refund Over $150,000 up to $300,000: $300 refund When Will Inflation Refund Checks Arrive? Checks will begin mailing in mid-October 2025. The distribution will occur over several weeks due to the high number of eligible taxpayers. Mailings are not based on region or zip code. Some residents may receive their checks earlier or later than others. The state has not released a delivery schedule. Also Read: Netflix August 2025 Releases: Here's complete list of movies, originals, series and documentaries Separate Relief for Childcare Expenses Another federal program may also help certain families. The Child and Dependent Care Credit allows families to claim summer camp costs. This credit applies to children under the age of 13. What is Required to Get Inflation Refund Checks? Be employed or full-time students Have a child using summer day care or a summer camp Have a valid SSN or FIN The credit is intended for people who work or are seeking work. It only covers day programs. FAQs Who qualifies for New York's inflation refund check? Anyone who filed a 2023 Form IT-201, met income limits, and was not listed as a dependent will automatically receive a refund. Can parents claim summer camp under the child care credit? Yes, if the child is under 13 and the camp allows the parent to work or look for work, expenses may qualify.
Time Out
27-05-2025
- Business
- Time Out
Residents in these three states could be getting additional stimulus checks
Five years after the first COVID-era stimulus checks hit American bank accounts, financial relief is still on the table—at least for residents of three states. While the federal government isn't issuing new payments, state leaders in New York, California and Colorado have introduced new stimulus programs to offset the sting of inflation. Here's who's eligible for these new stimulus checks in these three states. Governor Kathy Hochul announced New York's Inflation Refund. With state coffers unexpectedly flush due to increased sales tax revenue, New York is sending money back to middle-class residents. Single filers earning up to $150,000 may receive $300, while joint filers earning up to $300,000 could receive $500. Over 8 million New Yorkers are expected to get a check, with payments already in progress as of late April and continuing through May. In California, a new round of payments up to $725 per household is targeting those who didn't qualify for previous Golden State Stimulus aid. To qualify, you must meet income limits, be a legal California resident, have filed a recent state tax return and not have received Golden State Stimulus checks before. It's a move designed to fill the gaps left by earlier programs. Colorado might just be the most generous of all. Thanks to a $1.5 billion surplus under the state's Taxpayer's Bill of Rights (TABOR), single filers could see up to $800 and joint filers a whopping $1,600. But there are eligibility requirements: you must have filed a 2023 state tax return by April 15, 2024, lived in Colorado for at least half the year, be at least 18 and have no major legal or tax issues. Distribution methods are as they were in the past: direct deposit recipients get paid fastest, followed by Social Security beneficiaries, then paper check recipients, and EIP debit card holders. Those with tax complications may face delays. If you live in one of these three states, check with your state's department of revenue for eligibility.
CBS News
14-05-2025
- Business
- CBS News
NY Gov. Kathy Hochul set to announce Inflation Refund checks
New York will soon be sending Inflation Refund checks to eligible residents. Gov. Kathy Hochul is announcing the details of the plan and how exactly it works. She first proposed the Inflation Refund checks last December and secured the funding in the state budget. Watch her announcement live at 10 a.m. from Harlem on CBS News New York in the video player above. How to get the Inflation Refund checks The good news for New Yorkers is the checks should be sent automatically to eligible residents, so there's no action required. Under the governor's initial plan, single tax payers making $150,000 or less would receive a check of $300, and joint filers who make up to $300,000 would receive $500. The plan was expected to help 8.6 million residents, including more than 3.6 million in New York City, 1.4 million on Long Island and nearly 1 million in the Hudson Valley. Hochul said the funding comes from money the state collected in higher sales taxes due to inflation. "I believe that this extra inflation-driven sales tax revenue shouldn't be spent by the state. It's your money. It should be back in your pocket," she said as she announced the plan last year.
