New York is set to distribute $400 inflation refund checks to millions of residents as part of the state's Fiscal Year 2026 Budget plan, with no conditions attached to receiving the payment.

The initiative, confirmed by Governor Kathy Hochul's office, is part of a $2 billion relief fund aimed at helping approximately eight million New Yorkers cope with rising costs. While the exact distribution timeline hasn't been announced, officials have confirmed the payments will begin later this year.

Key components of the budget package include:

• $400 direct payments with no eligibility requirements
• $1 billion tax cut for low- and middle-income earners
• Enhanced Child Tax Credit ($1,000 for children under 4, $500 for ages 4-16)
• $340 million for free school meals (saving families $1,600 per child annually)
• $77 million for subway safety improvements
• $25 million for homeless support centers

This marks the first time New York has implemented such a direct cash-back program. Governor Hochul emphasized her commitment to providing financial relief, stating, "I promised New Yorkers to fight like hell to put money back in their pockets. That's exactly what this budget will do."

The tax cuts included in the package could potentially result in the lowest tax rates New York has seen in 70 years, providing additional long-term relief for residents beyond the one-time payment.

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