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NY Finalizes $2 Billion Inflation Refunds for Over 8 Million Residents

Governor Hochul confirms automatic tiered payments of up to $400 this fall, based on 2023 tax returns, as part of the state’s 2026 fiscal budget.

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New York Governor Kathy Hochul speaks during a press conference about federal layoffs on March 3, 2025 in New York City.
New York Gov. Kathy Hochul has been promoting her budget proposals as an "affordability agenda."

Overview

  • The $2 billion inflation refund program will provide direct payments to over 8 million New York residents, targeting households under specific income thresholds.
  • Refunds are tiered: joint filers earning up to $150,000 will receive $400, while single filers earning up to $75,000 will receive $200, with smaller payments for higher income brackets within eligibility limits.
  • Payments will be automatically mailed based on 2023 state tax returns, requiring no additional action from recipients.
  • The initiative, funded by pandemic-driven sales tax surpluses, is part of New York’s broader affordability measures, including expanded child tax credits of up to $1,000 per child under four.
  • Although the exact mailing date is undetermined, officials anticipate checks to be distributed this fall, marking the first program of its kind in the state.