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After much lobbying and effort to see the budget approved for the state of New York for Fiscal Year 2026, Governor Kathy Hochul has already announced an agreement with legislative leaders on key priorities in her istration.
Among the highlights of the Fiscal Year 2026 Budget is an issue that has been discussed in recent months as a possibility that at times did not seem tangible, but is now a reality: the inflation rebate checks that the governor promised for a long time.
And well, in a report on its website, Hochul states that this is already a fact. "The first New York Inflation Rebate checks were sent out, which will direct $2 billion to provide direct cash assistance to more than 8 million New Yorkers with checks of up to $400 per family," she wrote.
Pride and optimism in New York
The same report highlights that "With a conceptual agreement in place, the legislative houses are expected to approve bills that will implement these priorities in the coming days. Based on a preliminary assessment of the changes negotiated to the Executive's proposal, the total budget for fiscal year 2026 is currently estimated at $254 billion. The fiscal year 2026 budget does not increase state income or business taxes.
"Working with our partners in the Legislature, we have reached an agreement to a balanced and fiscally responsible budget. Good things take time, and this budget will make a real difference for New York families," Hochul concluded.
Who qualifies for this refund?
New York state's Inflation Relief Rebate will finally deliver $2 billion in direct payments to 8.6 million taxpayers across the state in 2025, resources that will come from the excess sales tax revenue driven by inflation.
The proposal for eligibility for this benefit was set at a $500 payment for families earning less than $300,000 a year; and one of $300 for individual taxpayers earning less than $150,000, however, the figures dropped a bit, and remain at "up to 400 per family".