Thousands of households across New York State are in line for a welcome financial boost, as authorities begin issuing one-off inflation refund payments designed to help combat the rising cost of living.
The payments, which form part of a major $475 million relief package, are being automatically sent to eligible residents who received a Empire State Child Credit and/or earned income credit payment in 2022.
Who Qualifies for the Payout?
The refund is not a universal payment. Eligibility is specifically tied to previous tax credits. To qualify, you must have received at least $100 from either the Empire State Child Credit or the Earned Income Credit for the 2022 tax year.
The amount each household receives is calculated on a sliding scale, meaning the final sum will vary from person to person.
How Much Money Will You Get?
The state has outlined a clear structure for the payments:
- For those who received the Empire State Child Credit: Your refund will be equal to the amount of your 2022 credit, or a minimum of $100.
- For those who received the Earned Income Credit: Your payment will be 25% of the amount of your 2022 credit.
This means individual payments are ranging from approximately $50 to a maximum of $200. The payments are being issued automatically, so there is no need for eligible New Yorkers to apply.
How Will the Payment Arrive?
Eligible residents should keep a close eye on their mail. The refund will be sent out in the form of a physical paper check posted to the address used on your 2022 tax return.
It is crucial to ensure your address is up to date with the New York State Tax Department to avoid any delays. The state has confirmed that these payments are not taxable income for state tax purposes.
A Welcome Relief for Families
This initiative provides a crucial cash injection for families grappling with persistently high inflation and increased household bills. While not a solution to the wider cost-of-living crisis, it offers tangible, immediate support for those who need it most.
If you believe you are eligible but have not received your check, you are advised to contact the New York State Department of Taxation and Finance for assistance.
