Billions Of Dollars Could Be Coming Back To New Yorkers

Governor Kathy Hochul just held a press conference with news that most New Yorkers will want to hear.  You could be getting a check!

Most people aren't accustomed to hearing this these days. However, Many New Yorkers could be getting checks from New York State in the next couple of months.

They're calling them "Inflation Rebate" checks and they could be anywhere between $300 and $500.  It appears that because people were paying so much extra due to inflation and taxes are done on a percentage, New York State gathered higher-than-expected tax revenue. Essentially it's money that people overpaid and it is coming back to you.

The checks will be issued to people depending on how much money they make.  For single people making up to $150,000, the checks would be $300.  If you're married and you make up to $300,000, the checks will be $500.

According to WIVB, the number of people receiving these checks will be big.  They estimate that around 8.6 million New Yorkers will get checks, totaling in the billions when all is said and done.

“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we’re returning that cash back to middle class families.” - New York Governor Kathy Hochul

Unfortunately, it's not a done deal yet.  As of right now, it's still considered a budget proposal so it will have to go through the legislature before checks can be signed and sent out.

It's not a huge amount of money in the grand scheme of things, but it could help.  If everything goes as planned, New Yorkers could see this money in the spring.