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Time of India
12-07-2025
- Business
- Time of India
Millions in New York to receive one-time $400 checks without even applying: Here's what to know
Live Events Who is eligible for the inflation refund? Have filed Form IT-201, the New York State Resident Income Tax Return, for the 2023 tax year. Have reported income within the qualifying thresholds for your filing status. Not have been claimed as a dependent on another taxpayer's return. Who gets what $75,000 or less: $200 refund $75,001 to $150,000: $150 refund $150,000 or less: $400 refund $150,001 to $300,000: $300 refund $75,000 or less: $200 refund $75,001 to $150,000: $150 refund $75,000 or less: $200 refund $75,001 to $150,000: $150 refund $150,000 or less: $400 refund $150,001 to $300,000: $300 refund (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Americans living in New York are about to see some relief as the state prepares to send out its first-ever " inflation refund" checks. This initiative, part of the 2025–2026 state budget, is designed to help residents cope with the ongoing surge in living costs. With prices for essentials like groceries, rent, and utilities still stubbornly high, Governor Kathy Hochul's administration is putting money directly back into the hands of those who need it state's move comes on the heels of record-high sales tax revenues, which ballooned as inflation drove up the price of everyday goods. Rather than keeping this windfall, officials decided to redistribute it to taxpayers. 'This can go into the state coffers, but why not give it back to the residents whose pockets it came out of?' Governor Hochul said, emphasizing the program's goal of providing real, tangible relief to working 8 million New Yorkers—roughly 8.2 million households—are expected to benefit from these one-time payments, which will be mailed out starting in mid-October 2025. There's no need to apply; checks will be sent automatically to those who qualify. The refund is not taxable and does not need to be reported as income, making it a straightforward boost for payments are structured to provide the most help to low- and middle-income households, with the largest checks going to those with the lowest earnings. The state has also ensured that families on public assistance with children will receive an additional $100 payment, funded by leftover federal pandemic relief total cost of the program is estimated at $2 billion, a significant investment aimed at easing the cost-of-living pressures many Americans in New York are facing. As inflation in the New York area has outpaced much of the country, this refund is seen as a critical step in helping residents manage their budgets and maintain their quality of qualify for New York's inflation refund check, you must:Single FilersMarried Filing JointlyMarried Filing SeparatelyHead of HouseholdQualified Surviving SpouseWith checks set to start arriving this fall, New Yorkers are encouraged to ensure their mailing address is up to date with the Department of Taxation and Finance . No further action is needed—if you're eligible, your check is on its way.
Saudi Gazette
30-06-2025
- Politics
- Saudi Gazette
NYC mayoral frontrunner Mamdani: 'I don't think we should have billionaires'
NEW YORK CITY — Zohran Mamdani, who is the Democratic candidate for New York City mayor after a stunning victory last week, has said no one should have billions of dollars. In an interview with NBC, Mamdani also stood by his proposal to tax "richer and whiter" neighborhoods, arguing the city's property tax system is unfair. The 33-year-old defended his democratic socialism, rejecting an accusation from US President Donald Trump that he is a communist. If elected in November, he would be the first Muslim and Indian American to lead the nation's largest city. Mamdani ran an energetic campaign focused on affordability, promising free buses, universal childcare, a $30 minimum hourly wage, a rent freeze and city-run supermarkets — all paid for with higher taxes on the top 1% of earners. On NBC's Meet the Press program on Sunday, he was asked whether billionaires have a right to exist. "I don't think that we should have billionaires because, frankly, it is so much money in a moment of such inequality," he replied. New York's mayor has the power to propose a hike on property taxes, but revenue increases ultimately require approval from the state legislature and the governor. NBC interviewer Kristen Welker asked Mamdani about a policy proposal on his campaign website to shift the tax burden "to more expensive homes in richer and whiter neighborhoods". Asked whether he might alienate key constituents by invoking race, he denied the policy was driven by race and said: "I think I'm just naming things as they are." In an interview with Fox News on Sunday, President Trump threatened to cut off federal funding for New York City if Mamdani wins, calling him a "pure communist". Mamdani denied being a communist, adding: "I have already started to get used to the fact that the president will talk about how I look, how I sound, where I'm from, who I am, ultimately because he wants to distract from what I am fighting for." He said New York is "the wealthiest city in the wealthiest country in the history of the world, and yet one in four New Yorkers are living in poverty". Millionaires in New York pay 41% of all personal income tax, according to the state Department of Taxation and Finance. In last week's Democratic primary, Mamdani defeated his main intraparty challenger, Andrew Cuomo, who resigned as New York governor in 2021 after sexual harassment allegations. Mamdani has been under scrutiny for his stance on the Israel-Gaza war, after voicing strong support for Palestinians and accusing Israel of genocide, which it denies. He was asked about these views in the NBC interview, and whether he would condemn the term "globalise the intifada". Many Jews argue this slogan is an antisemitic call for violence, but pro-Palestinian activists say it is a call for international solidarity with Palestinians. "That's not the language that I use," said Mamdani, adding that he condemns antisemitism. When pressed, he said it was not the role of the mayor to "police speech". On NBC, he sought to draw a contrast between himself and the Trump administration, whom he criticised for detaining Mahmoud Khalil, a pro-Palestinian activist at Columbia University and a lawful US resident. Mamdani has described "globalise the intifada" in the past as "a desperate desire for equality and equal rights in standing up for Palestinian human rights". — BBC
New York Post
08-05-2025
- Business
- New York Post
Millions of New York residents to get ‘inflation refund' checks — here's how much you can expect to receive
New York Gov. Kathy Hochul and state lawmakers have reached a tentative agreement to issue so-called 'inflation refund' checks to millions of residents, offering direct payments of up to $400 later this year as part of the state's $254 billion budget plan. Roughly 8.2 million tax filers are expected to qualify for the relief payments, which will cost the state approximately $2 billion, according to the Division of the Budget. The measure is being framed as a way to help residents cope with the continued effects of inflation and the high cost of living across the state. 3 New York Gov. Kathy Hochul and state lawmakers have reached a tentative agreement to issue so-called 'inflation refund' checks to millions of residents. Erik Pendzich/Shutterstock 'This is targeted relief for middle- and working-class New Yorkers who need a little extra help,' a spokesperson for the budget division told Gothamist. While final legislative text has yet to be made public, budget officials have outlined the eligibility criteria and payment structure expected to be included in the final plan, which lawmakers are scheduled to begin voting on later this week. How to qualify To qualify for the checks, residents must have filed a New York State income tax return for the 2023 tax year and have a state adjusted gross income (AGI) of $150,000 or less for individuals, or $300,000 or less for joint filers. Those who earned more than those thresholds or were claimed as dependents are not eligible. The size of the check will vary depending on income and filing status. Individual filers earning $75,000 or less will receive $200, while those earning between $75,000.01 and $150,000 will receive $150. Joint filers with an AGI below $150,000 will receive $400; couples earning between $150,000.01 and $300,000 will get $300. 3 Roughly 8.2 million tax filers are expected to qualify for the relief payments, which will cost the state approximately $2 billion. Christopher Sadowski What to do to receive an 'inflation refund' check Eligible recipients will not need to take any action to receive the payment. The state Department of Taxation and Finance will automatically issue checks using data from 2023 tax returns already on file. 'The process is entirely automatic,' the spokesperson told Gothamist. 'There's no need to apply or submit additional forms — if you're eligible, you'll get a check in the mail.' Officials say they are relying on 2023 tax data because it represents the most complete and up-to-date financial information available. 3 The measure is being framed as a way to help residents cope with the continued effects of inflation and the high cost of living across the state. Getty Images Although Tax Day for 2024 was April 15, many filers received extensions, meaning the current year's tax data remains incomplete. When people can expect to receive their check The state has not yet announced a specific timeline for when the payments will be mailed out, but a spokesperson for the Department of Taxation and Finance said the checks are likely to be sent in the fall. The proposed inflation relief payments come amid broader budget negotiations that have been delayed for weeks. While the refund plan has drawn praise from some lawmakers and advocacy groups, others have questioned whether a one-time check will do much to address deeper economic challenges in the state. Still, for millions of New Yorkers, the extra cash could offer some welcome relief. 'This is money people can use to buy groceries, pay utility bills, or just get through the week,' the budget division spokesperson said.
Hindustan Times
02-05-2025
- Business
- Hindustan Times
New York inflation refund checks: How much you could get from the state
In a major relief effort aimed at helping residents cope with the rising cost of living, New York State is set to roll out direct inflation refund checks as part of the newly approved 2025 state budget. The one-time payments, which could be as high as $400 per eligible household, are part of a broader economic package intended to ease the financial pressure on working- and middle-class families, as reported by The Journal News. Also read: Inflation in 2024-25 in four charts | Number Theory Governor Kathy Hochul and state lawmakers reached a final budget agreement late April, with the inflation refund checks emerging as one of its most widely anticipated features. The payments are designed to offer immediate financial support to those grappling with high prices on essentials like food, fuel, utilities, and housing. While exact eligibility criteria have not been publicly detailed in full, the program is expected to target lower- and middle-income New Yorkers — particularly those with dependent children. Individuals and households who previously qualified for state-level tax relief programs, such as the Earned Income Tax Credit (EITC) or the Empire State Child Credit, are likely to be among the primary recipients. State officials indicated that eligibility may be automatically determined based on 2023 tax filings, ensuring that most recipients won't need to apply. Checks are expected to be mailed or deposited starting in late spring or early summer. The inflation refund checks will range based on household income, family size, and prior eligibility for state tax credits. While some recipients may receive a few hundred dollars, others could get as much as $400, depending on their financial circumstances. The goal is to make the payments meaningful enough to provide short-term economic relief during a time of sustained inflation. The refund checks are just one part of the $237 billion state budget, which also includes investments in housing, education, transportation, and mental health services. The package reflects lawmakers' attempts to balance fiscal responsibility with the growing demands of New Yorkers who continue to feel the squeeze of inflation. The new budget avoids any major tax increases, opting instead for targeted relief efforts and expanded access to public services. The inclusion of direct payments signals a broader shift in strategy — focusing not only on long-term systemic change but also on immediate help for families struggling to make ends meet. With the refund program now approved, the Department of Taxation and Finance is expected to begin processing payments in the coming weeks. Residents are advised to keep their mailing and banking information up to date with state tax authorities to avoid delays. For many New Yorkers, the arrival of these checks could not be more timely. As the cost of living remains high and wage growth continues to lag behind inflation, the state's move to offer direct financial relief may offer a much-needed buffer — and signal more proactive measures ahead. Also read: Trump tariffs could put US Fed in a bind, Powell warns of 'tension' between employment, inflation goals The checks may not fix inflation, but for working families across the state, they could bring meaningful relief in the months to come.
