Inflation Refund Check from New York: Who Eligible

You do not need to apply or sign up for payment. Refund checks will be mailed directly to eligible New Yorkers over several weeks.

According to the agency, payments are not based on ZIP codes or regions, so you can receive a check saying “Sometimes or later than your neighbor.”

Rebate checks are possible, as higher prices led to higher sales taxes, according to Jared Walczak, vice president of state projects at the Tax Foundation. New York state would have generated more revenue otherwise, he said.

“This rebate check is a response to that,” Walczak said.

But it’s not uncommon to see states, local and federal governments offering specialist rebates and stimulus checks to taxpayers, he said.

Earlier this year, R-Mo. Sen. Josh Hawley proposed a rebate law for American workers in July. The bill aims to provide “at least” $600 per adult and dependents and $2,400 for a family of four. The law has not been passed yet. As of late July, it was introduced to the Finance Committee.

For now, New York appears to be the only state that recently announced payments for inflation-related rebates, Walczak said.

“The (state) doesn’t seem to be looking at New York right now and choosing to follow,” he said.

If you are eligible for a stimulus check, it is wise to use additional cash wisely.

“The top priority is to reinforce the basics,” said Douglas Boneparth, president and founder of Bone Fide Wealth, a New York City asset management company.

For example, they use cash to “strengthen” emergency funds to prepare for unexpected costs, said Boneparth, a member of the CNBC Financial Advisor Council.

If you have high profitable debts, such as a good credit card balance, consider using a refund to pay off debts that are “eating up your budget,” he said.

But investing cash “may be a wise move for your future,” Bonetpulse said, if these basic measures are in care.