New York Plans $400 Inflation Refund Checks for 8.2 Million Residents

New York State's newly passed budget includes one-time inflation refund checks aimed at easing financial strain from rising prices, with $2 billion allocated for direct payments to more than 8 million residents. Individuals earning up to $150,000 will receive $200, while married couples filing jointly with incomes up to $300,000 will get $400. Eligibility is based on 2024 tax returns, and residents do not need to apply; payments are expected to be issued in 2025. The inflation refunds are part of a broader affordability plan that also expands tax credits, increases child tax benefits, and funds universal free school meals. Supporters argue these measures will provide meaningful relief to families, though some critics question the effectiveness of one-time payments versus more permanent solutions. Overall, officials estimate these combined efforts could save the average New York household up to $5,000 in 2026.