FAMILIES will receive up to $400 in inflation refund checks.
The direct payments are part of the state’s new budget plan.
GettyNew York residents will soon begin receiving payments from the state’s new budget[/caption]Millions of New York residents will soon receive cash deposits in the form of “Inflation Refund” checks.
The checks come as part of Governor Kathy Hochul’s newly announced Fiscal Year 2026 State Budget.
The payments are intended to help residents navigate rising costs due to inflation.
This marks the first time such checks will be issued in the state.
“The inflation refund checks will be disbursed later this year,” a representative from the governor’s office told The U.S. Sun.
The official noted that the state budget has not yet been finalized but added that negotiations are nearing completion and the checks are guaranteed for eligible recipients.
BUDGET BASICS
The initiative comes from a $2 billion fund set aside in the $254 billion total state budget.
According to the governor’s office, the payments will reach approximately eight million residents, with up to $400 available per person.
Specific eligibility criteria and an exact timeline for the payments have yet to be released.
“I promised New Yorkers to fight like hell to put money back in their pockets and make our streets and subways safer,” Hochul said in a statement.
“That’s exactly what this budget will do.”
“Good things take time, and this budget is going to make a real difference for New York families,” she added.
MORE PLANS
The Inflation Refund is just one of several direct payment initiatives included in the state’s budget plan.
Other highlights include a $1 billion tax cut aimed at middle- and low-income residents, which Hochul says will help create “the lowest tax rates in 70 years.”
Additionally, the budget expands the state’s Child Tax Credit.
Families with children under the age of four will receive up to $1,000, while families with kids between ages four and 16 are eligible for $500.
Free school meals are also a priority in the plan.
MONEY MOVES
At least $340 million will be allocated to ensure all K-12 students in New York have access to free breakfast and lunch – estimated to save families around $1,600 per child each year.
On the transportation front, $77 million will be invested in upgrades to the New York subway system. This includes placing police officers on every overnight train, installing new LED lighting, and constructing platform barriers to enhance safety.
To address homelessness, $25 million will fund new welcome centers designed to connect unhoused residents with vital services and care.
The final budget bills are expected to pass in the coming days.
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