Don’t Throw This Out! New York State Is Mailing Families $100s
As we end September and head into the homestretch of 2022, New Yorkers are feeling an increased amount of stress for upcoming holiday expenses. If you’re worried about how inflation is going to affect your seasonal traditions, make sure to keep an eye on what comes in the mail – New York may be sending you a pleasant surprise.
The 2022-2023 state budget set aside $475 million in funds for one-time payments that Governor Hochul hopes will fight inflation and help low-income families heading into the final months of the year. It’s not a full stimulus for everybody, but more than 1.75 million households should be expecting some extra cash headed their way.
Do You Qualify and How Much Will You Get?
So, there’s potentially some bad news, but also much more likely good news. The bad news: New York State can only send checks of $25 or higher, so if your credit amount would be less than that, you won’t receive any money at all. The good news: the average amount sent out is $270 – very check-worthy.
To be eligible, you must have submitted taxes for 2021 and received an Empire State child credit and/or an earned income credit last year. Payments for the child credit range from 25% to a full repeat of the amount received in 2021, depending on reported income, while the earned income credit is fixed at 25%.
What Do You Need To Do To Get Your Money?
Sit back and wait by the mailbox. The NYS Department of Taxation and Finance has started mailing checks this month and says most should arrive before October 31. If you’ve moved since filing your taxes, make sure to update your address on the Department of Taxation and Finance site.