3 days ago
New York's Inflation Refund Checks: Everything You Need To Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
New Yorkers could be getting a refund worth hundreds of dollars from the state later this year.
Why It Matters
Governor Kathy Hochul first proposed paying New Yorkers back on excess sales tax revenue in late 2024. Now, the idea has come to fruition as part of her 2026 State Budget, with the governor confirming the plans for Inflation Refund Checks on May 14. It means checks of up to $400 will be on the way for some 8.6 million people later this year.
What To Know
You are eligible for an inflation refund check for tax year 2023 if you filed Form IT-201 (the 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.
Stock image/file photo: Four $100 bills.
Stock image/file photo: Four $100 bills.
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How much you get can get depends on how much your income is. Joint filers with income up to $150,000 will receive the most available - a $400 check. Those with income over $150,000 but no greater than $300,000 will receive a $300 check.
Single filers with income up to $75,000 will receive a $200 check, while those with income over $75,000 but no greater than $150,000 will receive a $150 check.
There are no age restrictions, and eligible filers do not need to take any action to get their money. If you filed a return, meet the income requirements, and were not claimed as a dependent, you will automatically receive a refund check.
According to the governor's official website, some 8.6 million New York State residents could benefit from the refund. In New York City, there are an estimated 3.65 million people who are eligible, 1.3 million in Long Island, and 900,000 in the Hudson Valley.
What People Are Saying
Hochul said in May: "Starting in October, over 8 million New Yorkers will get an inflation refund because it's simple — this is your money and we're putting it back in your pockets. 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."
Charles Lindsey, associate professor in the School of Management at the University at Buffalo, SUNY, told Newsweek: "Hopefully, consumers will either use it to buy necessary, essential, non-discretionary items and/or to pay down their credit card debt, loans, and other bills or financial obligations. If this is the case, then it can be a win-win such that it can alleviate some financial pressure for consumers while at the same time not putting much additional inflationary pressure on the economy in the form of upward pressure on prices."
What Happens Next
Checks will be sent in mid-October 2025, with the New York State Department of Tax and Finance saying they will be mailed "over a multiple week period" due to the large volume of refunds, meaning some will arrive in November.
