Following a great deal of lobbying and work to get the state of New York’s budget adopted for Fiscal Year 2026, Governor Kathy Hochul has already declared an agreement with legislative leaders on the administration’s top priorities.
The governor’s long-promised inflation rebate checks are one of the highlights of the Fiscal Year 2026 Budget. This problem has been discussed recently as a possibility that at times did not seem feasible but is now a reality.
Well, Hochul claims that this is already true in a study on its website.
“The first New York Inflation Rebate checks were sent out, which will direct $2 billion to provide direct cash assistance to more than 8 million New Yorkers with checks of up to $400 per family,” she stated.
New York’s pride and optimism
The same report emphasizes that “With a conceptual agreement in place, the legislative houses are expected to approve bills that will implement these priorities in the coming days. Based on a preliminary assessment of the changes negotiated to the Executive’s proposal, the total budget for fiscal year 2026 is currently estimated at $254 billion. The fiscal year 2026 budget does not increase state income or business taxes.”
“Working with our partners in the Legislature, we have reached an agreement to pass a balanced and fiscally responsible budget. Good things take time, and this budget will make a real difference for New York families,” Hochul stated.
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Who is eligible for this reimbursement?
In 2025, 8.6 million taxpayers around the state will receive $2 billion in direct payments from New York State’s Inflation Relief Rebate, which will be funded by the excess sales tax income brought on by inflation.
A $500 payment for families making less than $300,000 annually and a $300 payment for individual taxpayers making less than $150,000 were the proposed eligibility requirements for this benefit; however, the numbers slightly decreased and are still “up to 400 per family.”
