New Yorkers can now claim their share of $400 this October. Across the country, individual states have been underway with sending stimulus payments to their residents in order to provide immediate relief for economically vulnerable residents. While not a long-term solution, these payments provide the most streamlined and efficient way to relieve residents of expenses in the midst of an economic downturn. On top of the state action, the federal government is also prepping to send a variety of nationwide payments.
New Yorkers relieved from financial strain
New Yorkers live in one of the most notoriously high-cost-of-living states, not to mention being home to New York City, which repeatedly takes the top position for the most expensive location in the country to live in. With an exceedingly high cost of living well above the nation’s average, Governor Kathy Hochul’s government has been sending out a variety of stimulus payments to eligible New Yorkers in order to help offset these costs.
One such program offered by the state, which has been established for years, includes the School Tax Relief (STAR) program. Recognizing that the state has some of the highest property taxes in the country, STAR provides tax rebates for eligible homeowners on their property taxes. There are two versions of STAR that New Yorkers can qualify for:
- Basic STAR: Open to all homeowners of any age within specific income limits.
- Enhanced STAR: Open to homeowners, within income limits, above the age of 65. This program offers a higher rebate than the Basic STAR program.
Rebate payments will be different for eligible STAR New Yorkers depending on their income. If you are an Enhanced STAR beneficiary, you can receive as much as $1,500 in rebates. However, to be eligible to receive this amount, your annual household income must not exceed $107,300, along with other eligibility critiera which must be met.
Eligible New Yorkers can now claim up to $400
While the STAR rebate program is well established in the state, the New York Department of Taxation and Finance recently announced the release of new one-time stimulus payments, which are worth up to $400. These payments are intended to counteract the effects of inflation by offering New Yorkers a one-time inflation refund check. This is the first time that the state is offering such a payment.
In order to be eligible to receive the payment, you need to ensure that you have followed these steps, as stated on the New York Department of Taxation and Finance for tax year 2023:
- You must have filed Form IT-201, New York State Resident Income Tax Return.
- You must have reported income within the qualifying thresholds to receive the payment.
- You must ensure that you were not claimed as a dependent on another taxpayer’s return.
To receive the full $400 rebate, you must be a married couple filing jointly with a household income of less than $150,000 or be a qualifying surviving spouse with a household income of less than $150,000.
New York continues to provide payments for residents
On top of the STAR rebates and inflation rebate checks, New Yorkers can expect another $1,8000 stimulus payment to come their way before the end of this year. However, this payment is only open to you if you have recently welcomed a new baby and your family receives public assistance.
Dubbed the Birth Allowance for Beginning Year (BABY) benefit, the once-off payment is intended to assist low-income families in offsetting the high upfront costs associated with a newborn. Gov. Hochul has repeatedly stated that she intends to ensure that New York state remains a state that prioritizes the assistance of families, and these payments are an example of her government being attentive to economically vulnerable residents by offering increased financial support.
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