New York State is giving away $2 billion to its residents as a one-time inflation rebate. This is the state’s first-ever program of this kind.
Who Gets the Money?
Over eight million taxpayers are eligible for the payments. The program targets those who filed taxes in the state, are not claimed as dependents on someone else’s return, and meet certain income requirements. Here’s the breakdown:
- Joint Filers: $400 if earning up to $150,000; $300 if earning between $150,000 and $300,000.
- Single Filers & Heads of Household: $200 if earning up to $75,000; $150 if earning between $75,000 and $150,000.
No application is needed; payments will be sent automatically based on recent tax filings.
How it Works
Once the state budget is finalized and signed (expected within a week), eligible residents will receive their checks.
Governor’s Rationale and Criticism
Governor Kathy Hochul says the rebates are a response to rising inflation costs, acknowledging that while she can’t stop inflation, she can offer relief to residents impacted by higher prices.
However, some, like Assemblymember Phil Steck, criticize the program as a short-term “gimmick,” suggesting long-term tax relief or other spending priorities would be more effective.