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The state of New York has finally approved its budget for fiscal year 2026, which means that Governor Kathy Hochul will be able to fulfill her promises of the inflation rebate check that will benefit millions of residents.
The initiative involves a $2 billion investment in direct cash assistance. An estimated 8 million New Yorkers could receive this financial , without the need for additional paperwork. The money will come from the surplus revenue generated by the sales tax, driven by the general rise in prices.
"These checks, along with tax cuts and free meals, represent real money going back into the hands of New Yorkers," Hochul said in announcing the measure, stressing that the focus is on easing the financial burden without resorting to new taxes.
How much are the payments and when will they arrive?
The process for receiving the check will be automatic. The Department of Taxation and Finance will use information from 2024 tax returns to determine eligibility. Those who reported individual income of up to $150,000 will receive $200, while married couples filing tly earning up to $300,000 will receive $400.
Although the amounts are lower than originally announced, the plan includes an additional benefit: there will be no increases in state income or business taxes during the next fiscal year, a measure that seeks to offer stability in times of economic uncertainty.
Payments are expected to begin arriving in late 2025. To qualify, residents must live in New York and have filed their tax return correctly and on time. Notifications will be sent directly to those who qualify, so no further paperwork will be required.
This new fiscal effort seeks to be a tangible relief for families that have felt the impact of the cost of living in recent years.