New York State has started sending out “inflation refund checks” from September 26, benefiting an estimated 8.2 million households across the state with a maximum amount of $400 per household. Governor Hochu stated that this measure aims to “return to the people” the extra tax revenue generated by rising prices, helping to alleviate the pressure of living costs.
According to the regulations of the State Tax Department, those eligible had to submit their IT-201 individual income tax returns in 2023 and cannot be listed as a dependent on anyone else’s return. The refund amount is calculated based on household income and filing status: couples with low income are eligible for $400, while those with moderate income will receive $300; single individuals with low income can receive $200.
The checks will be issued via mail and electronic transfers are not provided. Officials remind recipients that the mailings are not conducted in postal code order, so there might be differences in delivery times between neighborhoods. If there is a change of address, taxpayers need to ensure that their information has been updated with the tax office.
This round of sending out “inflation refund checks” covers approximately 3.53 million households in New York City, about 1.25 million households on Long Island, as well as residents in the Hudson River Valley, upstate New York, and other regions. Despite the limited amounts, the state government hopes to provide immediate economic assistance to New York State families amidst the rising costs of food, rent, and energy.