New York Distributes $2 Billion Inflation Refunds to 8 Million Residents

Governor Kathy Hochul has announced that more than 8 million New Yorkers will automatically receive inflation refund checks as part of the state's 2026 budget, using higher-than-expected sales tax revenue to offset rising living costs. Single filers earning up to $75,000 will get $200, while joint filers earning up to $150,000 will receive $400, with payments based on 2024 tax returns and distributed later in 2025. The budget also expands the Child Tax Credit, granting $1,000 per child under four and $500 for children aged four to sixteen, potentially benefiting over 1.6 million families. Additionally, all 2.7 million public school students will receive free breakfast and lunch, saving families an estimated $165 per child monthly. Middle-class tax cuts are also included, promising nearly $1 billion in annual relief and reducing tax rates to their lowest level in decades. These measures aim to address ongoing affordability concerns and provide significant financial relief to New York families.