New Yorkers to be sent hundreds of dollars in checks to offset inflation damage
'06.05.2025'
ForumDaily New York
New York has the fifth-highest inflation rate in the U.S. To help ease the financial strain on residents, authorities will issue checks of up to $400 per family to offset rising prices. Payments will begin later this year, reports SecretNYC.
On Monday, April 28, New York Governor Kathy Hochul announced an agreement on the New York State budget for fiscal year 2026. The checks are part of the state budget.
Back in December 2024, the governor announced stimulus checks to offset the increase inflation. And now this plan has been approved!
How much will they pay?
Under the agreement, $2 billion will be distributed to more than 8 million New Yorkers in checks of up to $400 per household. Anyone making less than $150 will receive a one-time payment of $000. Married couples filing jointly with combined incomes of less than $200 will receive a check for $300.
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The state will use 2024 tax return data to determine eligibility for the refund. Residents do not need to apply. Anyone eligible for these checks will receive them automatically. Payments will begin by the end of 2025.
In addition to the first ever compensation due to inflation A $1 billion tax cut was approved for middle-class and low-income New Yorkers, bringing tax rates to their lowest in nearly 70 years.
Additionally, a dramatic increase in the child tax credit was approved. This gives eligible families a $1000 credit for children under 4 and a $500 credit for children ages 4 to 16.
