Inflation Refund Checks: Find Out If You’ll Receive Up To $400
The New York State Office of Taxation and Finance announced that more than 8 million people will receive inflation refund checks. According to the office’s website, these “one-time payments” will “provide relief to New Yorkers who have paid increased sales taxes due to inflation.”
It’s the first time New York residents will receive such payments, which will be mailed to those eligible starting at the end of the month, according to People magazine.
The refund checks were first announced in May
The inflation refund checks were first announced in May by Gov. Kathy Hochul, who explained that the payments are part of the state’s efforts included in its Fall Year 2026 State Budget to address inflation. According to Hochul’s office, growing inflation has “driven the costs of everyday necessities higher.”
“Starting in October, over 8 million New Yorkers will get an inflation refund because it’s simple — this is your money and we’re putting it back in your pockets,” she said in a statement at the time.
Hochul also emphasized her commitment to supporting New Yorkers amid economic shifts.
“I’ll never stop fighting to help your family address the rising cost of living — and that’s why I also delivered on my promise to cut taxes for the middle class, expand the child tax credit and ensure free school meals for every student,” she said.
Eligible individuals must have lived in New York for a full year during 2023
Those eligible for the refund checks are individuals who resided in New York for a full year in 2023 and filed a tax return for that year. Part-year New York residents and those who were claimed as dependents on another individual’s tax return will not be eligible to receive the refund.
The New York State Office of Taxation and Finance explained that taxpayers who filed under single status may be eligible to receive up to $200. Married couples or eligible surviving spouses may receive up to $400.
Income will determine eligibility as well. Individuals who filed under single status and made $75,000 or less will receive amounts closer to $200, and married couples or eligible surviving spouses with incomes up to $150,000 will receive $400.
Eligible New York residents will automatically receive the payments, which will be mailed to the address on their 2024 tax return. Former residents who’ve since moved out of the state will need to provide an updated address to the New York State Office of Taxation and Finance.
The post Inflation Refund Checks: Find Out If You’ll Receive Up To $400 appeared first on Blavity.
Source link
#Inflation #Refund #Checks #Find #Youll #Receive
powered by Auto Youtube Summarize
Categories News