ALBANY, N.Y. – Credit unions in New York are about to see something of a deposit surge.
The Empire State is set to issue checks to more than 8 million residents to “offset the increased sales tax they’ve paid thanks to inflation,” MSNBC reported.
According to the report, the one-time payments, billed as “inflation refund” checks, range from $150 to $400, depending on an individual’s filing status and adjusted gross income for the 2023 tax year.
How to Qualify
To qualify, a person must have filed a 2023 residential state tax return in New York, earned less than $150,000 (or $300,000 for married couples filing jointly), and not be claimed as a dependent on another taxpayer’s return.
Funds will be automatically mailed to the address associated with an individual’s most recently filed tax return.
According to the Department of Finance and Taxation, checks will be sent over several weeks, starting at the end of September.
