Good news for New Yorkers! Inflation rebate checks are coming in 2025 — Are you eligible?
New York State residents will receive inflation rebate checks for the first time ever, as part of an overall $2 billion allocation in the new state budget, announced by Governor Kathy Hochul.
Residents of New York State will be getting a financial lift now that Governor Kathy Hochul has announced that for the first time ever, eligible individuals will be receiving an inflation rebate payment. This announcement comes on the heels of a general agreement between the Governor and the New York Legislature regarding the State Budget, which included $2 billion for these rebate payments.
The eligibility for the inflation rebates is based on income and is determined by how an individual files their taxes. Any single filer making under $150,000 and joint filers making under $300,000 will be eligible for the payments. Here is what you need to know.
Who will receive inflation rebate checks in New York?
According to the press release of Governor Hochul, the proposed budget states that it includes $2 billion for inflation rebate checks. Over 8 million New York residents are expected to be eligible for the rebate, with checks of up to $400 for eligible families going out by the end of the year.
Who is eligible for the inflation rebate check?
Whether individuals were eligible for the rebate checks depended on how individuals file their taxes, for example, if you file taxes as a single person and make less than $150,000 you qualify for the rebate. If you file jointly or collectively and have a combined income of less than $300,000, you also qualify for a rebate check.
What other changes are coming with the new budget?
Among the most notable changes expected through the passing of a new budget, tax cuts to families with middle- and lower-income brackets, expanded access to childcare, free breakfast and lunch for students in K-12. Also, a statewide ban of cell phones in schools.
