Nearly 9 million New York residents should receive a check from New York State in the near future.
Gov. Katy Hochul proposed New York’s first-ever inflation refund in this year’s state budget.
Inflation Refund Check Part Of State Budget
The Inflation Refund is part of this year’s state budget. Legislators have until April 1 to pass the budget.
Governor Hochul proposed $252 billion in spending, while the Assembly and Senate call for $256 billion and $259 billion, respectively.
Lawmakers across the state must now compromise on the budget’s final price tag, but officials believe an agreement will be reached before the deadline.
More On Inflation Refund Checks, How Much Will You Get?
The first-ever Inflation Refund, if passed, will provide approximately $3 billion in direct payments to approximately 8.6 million New York taxpayers statewide by 2025, according to Hochul’s office.
“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we’re returning that cash back to middle-class families,” Governor Hochul stated.
This refund will provide a $300 payment to single taxpayers earning up to $150,000 per year, and a $500 payment to joint filers earning up to $300,000.
