Living in NYC is expensive enough, but tack on inflation to that–NYC has the fifth biggest inflation problem in the U.S., btw–and we barely have enough to give ourselves a serotonin boost via a bacon egg and cheese or pizza slice (which both continue to rise in price themselves due to inflation).
So we couldn’t contain our excitement when back in December 2024 Governor Kathy Hochul announced potential stimulus checks to offset rising inflation prices. And now that plan has been approved!
On Monday, April 28th, Governor Kathy Hochul announced that an agreement has been reached on the Fiscal Year 2026 New York State Budget, and with that comes New York’s first-ever inflation stumulus checks.
Under the agreement, $2 billion will be given to more than 8 million New Yorkers with checks of up to $400 per family to ease the financial burden inflation is pinning on individuals and households. Any individual earning less than $150,000 will receive a one-time payment of $200, while married couples filing jointly with a combined income of less than $300,000 will receive a $400 check.
Governor Hochul Proposes $500 Inflation Rebate for New Yorkers
The state will use 2024 tax return data to determine eligibility, and residents don’t need to apply–anyone who qualifies for the inflation refund checks will receive it automatically. Payments will begin later in 2025. Hochul stated:
I promised New Yorkers to fight like hell to put money back in their pockets and make our streets and subways safer. That’s exactly what this budget will do. Working with our partners in the Legislature we’ve reached an agreement to pass a balanced, fiscally responsible budget. Good things take time, and this budget is going to make a real difference for New York families.
Beyond the first-ever inflation refund, a $1 billion tax cut has been approved for middle-class and low-income New Yorkers–bringing tax rates to their lowest levels in nearly 70 years–and a sweeping increase to the Child Tax Credit has been approved, giving eligible families a $1,000 credit for kids younger than 4 years old and a $500 credit for kids ages 4-16, among other things.
