This story was originally published on The Gothamist.
Gov. Kathy Hochul and state lawmakers have agreed to send what they’re calling “inflation refund” checks to more than three-quarters of state tax filers later this year. It’s part of a tentative $254 billion budget agreement lawmakers are set to begin voting on later this week.
An estimated 8.2 million filers will be eligible for checks of up to $400, according to the state’s budget division. It’ll cost New York an estimated $2 billion.
As of Tuesday afternoon, Hochul and lawmakers had not yet released the exact bill language for the program. But the budget division provided Gothamist with a list of eligibility requirements that are expected to be in the final spending plan.
Here’s how to figure out how much money you’re set to get.
Who is eligible?
People who were New York residents and filed a state income tax return for 2023 are eligible, depending on how much money they made, according to the budget division. (Note: Most people filed their 2023 returns last year.)
Individuals who had a state adjusted gross income, or AGI, of $150,000 or less for 2023 will get a check, along with joint filers who made $300,000 or less. You can find your AGI on line 33 of New York state form IT-201, the main resident income tax form.
Anybody who made more than that or was claimed as a dependent will not be eligible.
How much are the checks worth?
Anywhere from $150 to $400, depending on filing status and income, according to the budget division.
An individual filer who had a state adjusted gross income of $75,000 or less will get $200. Someone who made $75,000.01 to $150,000 will get $150.
For joint filers, those who had a state adjusted gross income of less than $150,000 will get $400. Those who made $150,000.01 to $300,000 will get $300.
What do I have to do to receive the check?
Nothing.
The state Department of Taxation and Finance will automatically send out the checks based on your already-filed 2023 tax returns, according to the budget division. You won’t have to fill out a form or anything like that; it’ll show up at your address.
Why is this based on the 2023 tax returns?
Because it’s the most recent, most complete data the state has on its income tax filers.
There’s a lag when you file your taxes. When you filed your return this year, for example, it was based on your income and tax payments from 2024.
Tax Day was April 15, but many people filed for an extension. That means there’s still people who haven’t filed their 2024 taxes — leaving the data incomplete.
When can I expect to get my check in the mail?
The exact date remains to be determined. A spokesperson for the state Department of Taxation and Finance said they’re likely to go out in the fall.
This story was originally published on The Gothamist.
