New York State is set to distribute its first-ever inflation refund checks to over 8 million taxpayers later this year as part of Governor Hochul’s plan included in the FY 2026 State Budget agreement. This initiative will return $2 billion to New Yorkers to help offset the impact of rising prices due to inflation.
For eligible New Yorkers, no application is required to receive these payments. According to Governor Hochul, residents will automatically qualify for the refund as long as they filed their tax returns for the most recent tax year. Payment amounts will vary based on filing status and income level:
- Joint tax filers with income up to $150,000 will receive a $400 check
- Joint filers with income over $150,000 but no greater than $300,000 will receive a $300 check
- Single tax filers with income up to $75,000 will receive a $200 check
- Single filers with incomes over $75,000 but no greater than $150,000 will receive a $150 check
The exact timing for distribution has not been announced, but officials have indicated that the checks will be sent out later this year. More details regarding the timeline will be announced in the near future.
The FY 2026 State Budget agreement also includes an expansion of New York’s Child Tax Credit. Under Governor Hochul’s plan, 1.6 million New York families will receive an annual tax credit of up to $1,000 per child under age four and up to $500 per child from four through sixteen. This expansion will benefit approximately 2.75 million children statewide and doubles the average credit from $472 to $943.
For more information about the inflation refund checks and other budget initiatives, please visit the Governor’s official announcement here.
