Millions of Americans are set to receive a huge one-time payment this month aimed at offsetting the effects of inflation.
These 'cost-of-living adjustment' checks are being distributed to individuals and families who have been impacted by rising prices and who meet specific income and residency criteria.
In total, over eight million residents are expected to benefit from the payments, which will be automatically mailed beginning in late September.
The mailing process will take place over several weeks, and eligibility does not require any action from recipients - those who qualify will receive their checks without needing to apply.
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However, the catch is that it's only New Yorkers eligible to receive the funds, and the amount received will vary based on filing status and income level - with married couples who jointly filed their 2023 taxes and earned up to $150,000 being eligible for the maximum $400 payment.
Couples with household incomes up to $300,000 will get $300. Single taxpayers making $75,000 or less will receive $200, while individuals earning up to $150,000 can expect $150.
To qualify, residents must have lived in New York for the entire 2023 calendar year, filed a state income tax return for that year, and not have been claimed as a dependent on another person’s return.
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Speaking about it, the New York State Department of Taxation and Finance said: "You may receive your check sooner or later than your neighbors, as mailings are not based on zip code or region."
While Governor Kathy Hochul, who announced the residents would receive the funds back in April, said: "The cost of living is still too damn high, so I promised to put more money in your pockets - and we got it done.
"Putting nearly $5,000 back in the pockets of families means helping New Yorkers afford the rising costs of groceries, raising kids, and just enjoying life.
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"When I said your family is my fight, I mean it - and I'll never stop fighting for you."
It was all part of the budget for the fiscal year 2026, and despite funds being handed back to the public, former Governor Andrew Cuomo, who is currently seeking the mayoralty of New York City, questioned the state’s financial priorities.
He pointed out that while $2 billion is being spent on tax rebates, some essential city services have seen reduced funding.
Either way, if you're receiving an extra $400 in your bank this month, you're a winner!
Joe Yates