Millions of New York residents to get inflation refund checks heres how much you can expect to receive

New York Gov.Kathy Hochul and state lawmakers have reached a tentative agreement to issue so-called “inflation refund” checks to millions of residents, offering direct payments of up to $400 later this year as part of the state’s $254 billion budget plan.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.“This is targeted relief for middle- and working-class New Yorkers who need a little extra help,” a spokesperson for the budget division told Gothamist.While final legislative text has yet to be made public, budget officials have outlined the eligibility criteria and payment structure expected to be included in the final plan, which lawmakers are scheduled to begin voting on later this week.To qualify for the checks, residents must have filed a New York State income tax return for the 2023 tax year and have a state adjusted gross income (AGI) of $150,000 or less for individuals, or $300,000 or less for joint filers.Those who earned more than those thresholds or were claimed as dependents are not eligible.The size of the check will vary depending on income and filing status.Individual filers earning $75,000 or less will receive $200, while those earning between $75,000.01 and $150,000 will receive $150.Joint filers with an AGI below $150,000 will receive $400; couples earning between $150,000.01 and $300,000 will get $300.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.“The process is entirely automatic,” the spokesperson told Gothamist.

“There’s no need to apply or submit additional forms — if you’re eligible, you’ll get a check ...