CASH-STRAPPED New Yorkers are set to receive a one-time $500 check designed to offset the impacts of inflation.

Governor Kathy Hochul gushed over how the payment will be the state’s first-ever inflation refund.

APKathy Hochul revealed millions of Americans will receive inflation-busting payments[/caption]

The checks are part of a bumper payment package worth a total of $3 billion and were formally announced as part of Hochul’s State of the State address.

Around 8.6 million people will receive the checks by the end of the year.

However, there are strict eligibility criteria, and New Yorkers have to check their salaries.

Single taxpayers making $150,000 or less will receive a check worth $300.

Meanwhile, joint filers who make $300,000 or less will pocket a $500 payment.

Hochul believes New Yorkers “deserve a break.”

“It’s simple: the cost of living is still too damn high,” she said.

It’s thought most of the checks should be in bank accounts by the fall of 2025.

But, mystery still remains over when the checks will be sent out.

It’s unclear how long the entire mailing process will take.

New York joins a list of states that have rolled out relief payments.

Payments worth up to $1,050 were sent out to taxpayers across California in 2022.

Last year, Georgia officials sent a $250 tax rebate to residents.

In 2023, payments worth up to $200 were sent to taxpayers in Virginia.

‘SUMS MUST ADD UP’

The inflation-busting payment is not the only measure Hochul announced in her address.

She’s proposed tax cuts of up to 5% and these will impact more than eight million people.

Hochul also announced the child tax credit would be expanded to $1,000.

“Your family is my fight,” she vowed.

But experts have warned Hochul that her plans must be fully costed.

“While proposals like an expanded child tax credit and middle-class tax cuts can improve New Yorkers’ lives, the state cannot afford them in the long run unless it restrains spending elsewhere,” Andrew Rein, the president of the Citizens Budget Commission watchdog, told The New York Times.

Hochul is up for re-election in November 2026.

But, she faces potential competition from Jamaal Bowman, an ex-New York congressman, and lawmaker Ritchie Torres.

Checks will be sent out by the end of the yearGetty

https://www.the-sun.com/money/13298841/new-york-inflation-relief-payments/