A US state is preparing to hand billions of dollars to residents in its first-ever “inflation rebate” program.
New York’s Governor and state lawmakers say they’ve agreed on a budget framework that includes $2 billion for inflation refund checks to over eight million taxpayers.
The plan targets New Yorkers who filed taxes, are not claimed as dependents and earn below $150,000 annually.
Eligible joint filers earning up to $150,000 will receive $400, while those earning between $150,000 and $300,000 will get $300.
Single filers and heads of household earning up to $75,000 will receive $200, and those earning between $75,000 and $150,000 will get $150.
No application is needed and checks will be issued automatically using recent tax filings once the budget is passed and signed into law in about a week from today.
New York’s Democratic Governor Kathy Hochul says the rebates as a response to inflation-driven costs, reports News10 ABC.
“I can’t stop inflation, but everyone across the state paid more because inflation drove up prices.”
But the program has its critics.
Democratic Assemblymember Phil Steck says such programs are gimmicks, arguing for long-term tax relief or other spending priorities.
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