New York to send out inflation refund checks this fall, Hochul says. Find out how much.
New York will soon be sending inflation refund checks to eligible residents. They're expected to hit the mail this fall.
Gov. Kathy Hochul announced the details of the plan Wednesday, calling the idea "profoundly simple, but so impactful."
"The governor of New York has one duty: to protect her citizens and fight like hell to put money back in their pockets whenever I can," Hochul said to a round of applause.
The governor first proposed the inflation refund checks last December and secured the funding in the state budget.
She symbolically signed a large check at Wednesday's briefing, saying, "We got it done, everybody. We got it done."
Hochul says the funding will come from the money the state collected in higher sales taxes because of inflation.
"I said, this can go into the state coffers, but why not give it back to the residents whose pockets it came out of? They paid more than they ever expected," she said. "That's the whole idea of an inflation refund."
Who is eligible for an inflation refund check?
The good news for New Yorkers is the checks will be sent automatically to eligible residents, so there's no action required. Eligibility is based on tax filings from 2023.
Under the , single tax payers making $75,000 or less will receive a check of $200, and 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.
- Single filers who make $75,000 or less = $200
- Single filers who make more than $75,000, but not more than $150,000 = $150
- Joint filers who make $150,000 or less = $400
- Joint filers who make more than $150,000, but not more than $300,000 = $300
Hochul's initial proposal called for higher amounts: $300 for single filers making $150,000 or less, and $500 for joint filers making up to $300,000.
The plan is expected to help more than 8 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 -- places most impacted by congestion pricing.
