More than 8 million New Yorkers are set to receive inflation refund checks courtesy of the New York Department of Taxation and Finance.
It is the first of such checks and the only one in the nation.
They were announced by New York Governor Kathy Hochul back in May of this year but the checks are set to go out at the end of this month, September. The reason New York is issuing these checks is because inflation increased prices across the board and New York collected more tax revenue than it otherwise would’ve received.
As a result, they have decided to issue an inflation refund check to New Yorkers.
To be eligible, you have to be a full-year New York resident and have filed taxes for the tax year 2023. Specifically, they will be looking at the Form IT-201 to determine eligibility. Your income had to be within the limits and you couldn’t have been claimed as a dependent on another return. The amount of your refund is based on your adjusted gross income (AGI) and filing status.
For single filers, those with an AGI below $75,000 will receive $200. If you made between $75,000 and $150,000, you will receive $150. Those earning more than $150,000 will not receive an inflation refund check.
For married filing jointly or qualifying surviving spouse filers, those with an AGI below $150,000 will receive $500. If you made between $150,000 and $300,000, you will receive $300. Those earning more than $300,000 will not receive an inflation refund check.
For married filing separately filers, those with an AGI below $75,000 will receive $200. If you made between $75,000 and $150,000, you will receive $150. Those earning more than $150,000 will not receive an inflation refund check.
For Head of household filers, those with an AGI below $75,000 will receive $200. If you made between $75,000 and $150,000, you will receive $150. Those earning more than $150,000 will not receive an inflation refund check.
There is nothing you need to do to receive this inflation refund check, it will be mailed directly to you if you are eligible. The check will come in a plain envelope with a return mailing address for the New York State Department of Taxation and Finance.
Use this as a good opportunity to pay down debt, boost your emergency fund, or just add a bit more to your high yield savings.
For those who are still waiting to see if Senator Josh Hawley’s (R-MO) American Workers Rebate Act will bear fruit, you’ll have to keep waiting. The bill was meant to send tariff rebate checks of $600 per adult and dependent child but the bill remains in committee.