Governor Kathy Hochul has announced that New York State will begin issuing tax rebate checks to approximately 8 million residents starting Friday. These “inflation rebate” checks are a result of a budget surplus from the previous fiscal year and are designed to alleviate some of the financial pressures brought on by inflation.
The rebate amounts range between $150 and $400, depending on income levels, and are distinct from the School Tax Relief (STAR) checks that some households will receive later this year. The eligibility criteria are straightforward: a person must have filed a 2023 state income tax return and not be claimed as a dependent on another person’s return.
The surplus, amounting to $3 billion for the 2024-25 fiscal year, largely stems from unforeseen revenue attributed to inflationary pressures, as previously explained by Governor Hochul. Despite initial discussions of potentially canceling these rebates due to federal funding cuts to New York by the Trump administration, the governor confirmed in August that the checks would be issued as planned.
Eligible recipients include joint filers with incomes up to $150,000 who will receive $400, and those earning between $150,000 and $300,000, who will receive $300. Single filers with incomes up to $75,000 will get $200, and those earning above $75,000 but below $150,000 will receive $150.
Forensic residents need not take any additional steps to receive these payments. If a taxpayer filed a return, falls below the income caps, and no other taxpayer claimed them as a dependent, a check will be sent automatically. Approximately 1.25 million residents on Long Island are anticipated to benefit from this initiative.
Governor Hochul’s statement emphasized the notion that this is an effort to return funds to the residents, affirming, “This is your money and we’re putting it back in your pockets.” This rebate initiative is part of a broader strategy to provide economic relief to New Yorkers in a period marked by financial uncertainty and rising living costs.