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Governor Hochul Announces Additional Relief For Low-Income New Yorkers

This past year has been tough on many New Yorkers as well as Americans across the country with the rapid increase in inflation. Additionally, with large increases in gas prices, fueling up took a toll on the wallets of many. Fortunately, monetary relief is on the way for qualified New York state residents, and it will be met with open arms by all.

Hochul’s Announcement

On Thursday, the Governor, along with other legislative leaders announced a $475 million tax relief plan for eligible low-income New Yorkers and families. This comes as a part of the state’s ongoing efforts to curb inflation and improve affordability.  The relief is expected to aid 1.75 million New Yorkers who received the Empire State Child Credit or the Earned Income Credit on their 2021 state tax returns.

“With this relief package, we’re making good on our commitment to helping hardworking New Yorkers through the nationwide affordability crisis,” Gov. Hochul said Sept. 8. “This program will put money back in the pockets of nearly two million New York families struggling to make ends meet in the face of the pandemic, inflation, and other rising costs. My administration remains laser-focused on improving affordability statewide, and I thank the legislature for its partnership in ensuring that New York families get this much-needed financial assistance.”

How Much Relief and How do I Get It?

The $475 million program will provide a check for $270 per eligible recipient. Luckily, eligible New Yorkers don’t need to do anything to receive their checks in the mail, and the state expects the checks to be mailed automatically by the end of October. However, any residents who recently changed residence should look to update their address with the Department of Taxation and Finance to prevent delays in receiving their checks.

Building On The Past

This new program comes along with multiple other methods taken by the state to put money back into the wallets of New Yorkers. Earlier this year the governor accelerated the $2.2 billion program to provide relief to over 2 million residents through the new homeowner tax rebate credit program. As well as the state-wide gas tax holiday which saw gas prices plummet amid the record high numbers it was hitting in the middle of the summer.

Wrap Up

Relief in any form is always welcome by residents across the state, and New York has taken multiple measures this year to ensure that they are doing all they can to combat the rising prices that the state has seen throughout the summer. If you have any questions about your eligibility for this new relief program, contact and trusted financial advisor for the answers.

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