New York’s Inflation Rebate Checks Are Here: Breaking Down the Money

Last week, millions of New Yorkers began receiving Inflation Rebate Checks from the office of Governor Kathy Hochul. In an attached letter, Governor Hochul shares that the money, which is automatically mailed to qualifying families, is meant to ease the burden of rising costs of living.

While more than eight million New Yorkers have qualified to receive a rebate check, the amount of money depends on several details. Factors like marital status and income will determine just how much of the potential $400 will show up in the mailbox.

What's the Value of New Inflation Rebate Checks in New York State?

The inflation rebate checks, which the governor's office touts as the first of its kind, have a maximum value of $400 and a minimum of $150, though more than 11 million New Yorkers will not qualify for any amount.

Guidelines for Receiving Maximum Inflation Rebate Check in New York State

The maximum inflation rebate check of $400 will be sent to married couples filing jointly who make under $150,000 in combined income as well as residents who have survived their deceased spouse and receive less than $150,000 in yearly income. $200 checks will be delivered to individuals making under $75,000 annually.

While the table (above) includes several other qualifying situations (like married couples making between $75,000 and $150,000), the easiest guide to determining eligibility for a rebate check of any kind is the cutoff of $150,000 annual earnings for an individual and $300,000 for couples filing their taxes jointly

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As with any "free money", there are a few pitfalls to avoid, including rebate scams that have been circulating the Hudson Valley involving fake rebate checks. Residents are also reminded that the rebate checks are considered taxable income, and should be reported next tax season.