ALBANY, N.Y.–Credit unions in New York State should see a modest surge in deposits after the state mailed more than more than 8.2 million inflation refund checks to residents.
Gov. Kathy Hochul secured the Inflation Refund Check initiative in the FY 2026 State Budget, setting aside $2.2 billion to New Yorkers manage rising costs. Over the past two months, checks of up to $400 have been sent to eligible taxpayers, according to the state.
While most have already gone out, officials say smaller batches will continue in the coming weeks as more people are confirmed to qualify, according to media reports.
Hochul said the effort is one of a series of initiatives by the governor aimed at addressing the state’s affordability crisis. Other initiatives include a middle-class tax cut, expansion of the Child Tax Credit and free school meals.
Who’s Eligible
According to the state, eligibility for the refund is tied to 2023 state tax returns. Residents must have filed their taxes for that year and cannot be listed as dependents on someone else’s return. Those who file late may still qualify once their returns are processed. Payments also vary by income, with the goal of directing more support to people with lower or moderate earnings, the state said.
