Over 8 million New Yorkers will receive up to $400 in inflation refund checks
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New York Gov. Kathy Hochul. Photo: Andres Kudacki/Getty Images
Inflation remains stubborn, and the state of New York has launched "inflation refund checks" as a way of tackling it.
The big picture: Even as inflation is rising slower than expected, it's still uncomfortable, especially for low-income people and in places like New York City.
- The New York-Newark-Jersey City region ranked ninth in the country for highest inflation in the country, according to an August WalletHub analysis of Bureau of Labor Statistics data.
Driving the news: The state has been distributing checks of $150 to $400 throughout October to more than eight million eligible New Yorkers, per the state government.
- "The state is sending more than 200,000 inflation refund checks per day, and more than half of New York's anticipated 8.2 million inflation refund checks totaling more than 5 million checks that have been sent out so far," a spokesperson for Governor Kathy Hochul tells Axios.
What we're watching: SNAP benefits are set to go dark on Nov. 1 for about 42 million people this week, which include 2.9 million New Yorkers — roughly one out of every seven people in the state.
- An influx of cash could be crucial for households losing out on SNAP, especially with food banks stretched thin in New York and throughout the U.S.
Here's what to know about the checks:
Which New Yorkers are eligible for checks
State of play: According to the state government's website, the "one-time payments provide relief to New Yorkers who have paid increased sales taxes due to inflation."
- Those eligible for payments don't need to do anything.
- Qualifying New Yorkers will automatically receive a check, the first of which began going out at the end of September.
Eligibility is determined by your 2023 tax return.
- Those who are eligible needed to have filed Form IT-201 as a part of their 2023 state tax return, were not claimed as a dependent on someone else's tax return, and fall within a qualifying income bracket.
How much money New Yorkers will receive
By the numbers: The exact payment amount is determined by income and filing status.
- Single filers and married, separate filers who reported $75,000 or less in adjusted gross income will receive $200; those who earned between $75,000 and $150,000 will receive $150.
- Married joint filers making $150,000 or less will receive $400; those who earned between $150,000 and $300,000 will receive $300.
- Head of household filers making $75,000 or less will receive $200; those who earned between $75,000 and $150,000 will receive $150.
- Qualifying surviving spouses making $150,000 or less will receive $400; those who earned between $150,000 and $300,000 will receive $300.
Editor's note: This story has been corrected to show that New York filers who reported adjusted gross income of between $75,000 and $150,000 will receive $150 in an "inflation rebate check" from the state (not $250).
It has also been updated to include comments from a spokesperson for New York Gov. Kathy Hochul.
