8 million New York Residents Getting Tax Cut

It looks like many New York residents will get some relief when it comes to state taxes.

As part of an agreement with New York State legislators, New York State Governor Kathy Hochul announced a tax cut for middle and low-income families.

Who Will Be Getting The Tax Cut In New York State?

According to the Governor, the state will be using $1 billion dollars from the 2026 budget to give a tax break to certain residents. More than 75% of residents will benefit from the tax cut.

Residents who file their taxes jointly and make less than $323,000 per year are expected to be part of the group who get a tax cut. That should include over 8 million residents.

New York State Will Also Send Out Inflation Rebate Checks

For the first time ever, New York State will issue inflation rebate checks. These checks will be sent to residents who make less than a certain income.

Joint tax filers with income up to $150,000 will receive a $400 check, and joint filers with income over $150,000 but no greater than $300,000 will receive a $300 check. Single tax filers with income up to $75,000 will receive a $200 check, and single filers with incomes over $75,000 but no greater than $150,000 will receive a $150 check.

New York State To Provide Free Breakfast and Lunch To Students

On top of the tax cut and rebate check, New York State will provide free breakfast and lunch for nearly 3 million students. Taking away the added cost of groceries for parents with kids in school is another way the state is trying to keep more money in the pockets of its residents.

Do you think this is enough or should the state be doing more to help its residents? Let us know HERE or send your thoughts using our APP.