If you’re excited about receiving Gov. Kathy Hochul’s inflation refund check, take a breath: you’re going to have to pay federal taxes on it, Gothamist reported.

The checks, which started arriving in the mailboxes of New Yorkers this week, are subject to federal income tax. But federal levies won’t be deducted from the face value of the rebate checks.

That means it will be the responsibility of each New Yorker to report the rebate when it comes time to file their 2025 income tax returns next year.

It also means that Hochul’s $2 billion program will actually send hundreds of millions of dollars in tax revenue to President Donald Trump’s Treasury Department.

That left some critics fuming, as they claim that the tax liability for New Yorkers could have been avoided if Hochul had structur

See Full Page