New York Governor Kathy Hochul and state lawmakers have agreed on a plan to provide inflation refund checks of up to $400 to roughly 8.2 million residents within the state's $254 billion budget. This initiative, costing approximately $2 billion, aims to alleviate financial pressures on middle- and working-class New Yorkers facing inflation and rising living costs. To qualify, residents must have a 2023 AGI of $150,000 or less for individuals or $300,000 for joint filers, with automatic payments issued based on tax returns.
Eligible recipients will not need to take any action to receive the payment. The state Department of Taxation and Finance will automatically issue checks using data from 2023 tax returns already on file.
This is targeted relief for middle- and working-class New Yorkers who need a little extra help,
Roughly 8.2 million tax filers are expected to qualify for the relief payments, which will cost the state approximately $2 billion, according to the Division of the Budget.
The measure is being framed as a way to help residents cope with the continued effects of inflation and the high cost of living across the state.
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