This state has just confirmed that these beneficiaries are set to receive $400 checks. With the holiday season set to kick off at the end of the month, following Halloween festivities, many individuals may be feeling the extra strain on their wallets. As such, now is the time when some extra cash might be needed the most. Luckily for some, local governments are offering stimulus checks to their residents, provided that you meet all the eligibility and qualifying critiera.
$400 checks and other payments coming this month
This month, a number of states have confirmed that they will be sending stimulus payments to residents as part of both new and previously established programs. Stimulus checks are generally sent on an acute, one-time basis based on a perceived need. They are generally distributed during periods of low economic activity in order to encourage spending and offset the risk of a recession occurring, as well as to assist economically vulnerable residents in covering their most pressing expenses.
New York State alone has been busy distributing a variety of stimulus checks this month. One of the most well-known rebate programs operating in the state, the School Tax Relief (STAR) program, provides an opportunity for residents to receive a tax rebate on their property taxes. While not strictly considered a stimulus check, these annual payments still provide a significant boost for qualifying residents this time of year.
There are two versions of STAR that residents can qualify for:
- Basic STAR: Homeowners of any age can apply for this program, provided that they meet the income requirements
- Enhanced STAR: In addition to meeting the income requirements, this program is reserved for New York homeowners who are over the age of 65, offering higher rebates for eligible beneficiaries than those on the Basic program.
If you qualify to receive a STAR rebate, you can receive up to $1,500 before the end of the month, provided that you have sent in all required documentation and meet all income eligibility limits.
Check to see if you qualify for this $400 check
A more recent stimulus check program announced by the New York Department of Taxation and Finance this year pertains to the inflation rebates, where eligible beneficiaries can receive up to $400 checks before the end of this month. The $400 checks are the state’s response to the increase in expenses due to rising inflation.
To receive the full $400 check, you must meet the following income limits:
- A married couple filing jointly with an annual household income of less than $150,000.
- Be a qualifying surviving spouse with an annual household income of less than $150,000.
The maximum rebate a single filer can claim is a payment of $200, whereby you must have an annual household income of less than $75,000. Beneficiaries must also have filed Form IT-201 for the tax year 2023 and not claimed as a dependent on another taxpayer’s return.
Payments continue to be distributed this month
Should you qualify to receive the inflation rebate checks, your payment will be automatically distributed. New York began to distribute payments in September and will continue to do so through this month on a rolling basis. Over 8 million New Yorkers are expected to benefit from the one-time payments.
New York authorities have been working towards making the state more affordable, hence the variety of new stimulus payment initiatives. The state is often cited as one of the most expensive states to live in, not to mention being home to New York City, which constantly ranks as one of the most expensive locations in both the country and the world to live in. While stimulus payments are not a long-term solution for increases in cost of living, they are a much-welcomed initiative by those who need the extra support to cover current expenses.
Disclaimer: Our coverage of stimulus checks, tax reliefs, tax rebates, tax credits, and other payments is based on the official sources listed in the article. All payment amounts and dates, as well as eligibility requirements, are subject to change by the governing institutions. Always consult the official source we provide to stay up to date and obtain information for your decision-making.
