Alright, folks, so New York state is getting ready to dish out its first-ever “inflation relief” rebate checks to taxpayers this fall. Governor Kathy Hochul is on a mission to give people a little extra cash to help combat the high cost of living. Originally, these one-time payments were supposed to be as high as $500, but thanks to the legislature, they’ve been scaled back a bit. Some folks weren’t too keen on the idea of these rebate checks and preferred the state to stash more cash in a “Rainy Day Fund” instead.
The goal of these rebate checks, which Hochul hinted at pursuing in December, is to ease the burden on New Yorkers who have been hit with higher sales taxes due to inflation. If you filed a New York tax return in 2023, you’re in luck – you should be getting a check without having to lift a finger. These checks will start making their way to mailboxes in the fall of 2025, so keep an eye out around October and November. There’s no need to worry about when exactly your check will arrive, as the state won’t be able to give you a specific delivery schedule or any status updates. Just be patient and look out for a check that matches the state’s description.
Alright, so who’s eligible for these NY inflation refund checks? Well, if you filed Form IT-201 for the 2023 tax year, reported income within certain thresholds, and weren’t claimed as a dependent by someone else, then you’re good to go. The amount of money you’ll receive depends on your income and filing status for the 2023 tax year. Whether you’re single, married filing jointly or separately, the head of a household, or a qualified surviving spouse, there are different income ranges that determine how much you’ll get. It’s all funded by a surplus of sales tax revenues mainly generated by the impact of inflation on consumer goods, according to the governor’s office. So, keep an eye on your mailbox this fall and be on the lookout for that sweet, sweet relief check.
