SYRACUSE, N.Y. — New York residents will soon receive inflation relief checks from the state, with Gov. Kathy Hochul announcing that over eight million households are set to receive up to $400 each. The funds, sourced from excess sales tax revenue, aim to alleviate the financial burden caused by rising living costs.
“Because of inflation the cost of everything New Yorkers buy has gone up over the years,” Hochul said. “We have been able to amass $2 to $3 billion more than we thought or anticipated in our budget so that is sitting there. And it dawned on me instantly. This doesn’t belong to us.”
However, the relief plan has drawn criticism. Some, like Justin Burchard, argue that the state is already facing budget deficits.
“A lot of people say the money is coming from leftover money in our budget. But we don’t have any leftover money in our budget. We are now running deficits in the state of New York,” Burchard said.
Critics also warn that distributing too much money could devalue the dollar and exacerbate inflation.
“If you give out too many freebies it makes the values of the dollars we are giving out nothing and that’s what’s causing the inflation,” Burchard added.
Refund amounts are based on your 2023 New York Adjusted Gross Income (Form IT-201 line 33).
Single
$75,000 or less: $200more than $75,000, but not more than $150,000: $150
Married filing joint
$150,000 or less: $400More than $150,000, but not more than $300,000: $300
Married filing separate
$75,000 or less: $200More than $75,000, but not more than $150,000: $150
Head of household
$75,000 or less: $200More than $75,000, but not more than $150,000: $150
Qualified surviving spouse
$150,000 or less: $400More than $150,000, but not more than $300,000: $300