New York Hopes To Eliminate Income Tax, Send Out “Power” Checks

New York lawmakers are pushing a massive new budget plan, and it could mean hundreds of dollars back in your pocket.

There's a proposal in the New York State Assembly that would allow rebate checks to be sent to New Yorkers to help offset high utility costs.

New York Lawmakers Push $266 Billion Budget With Cash For Residents

Leaders in the New York State Assembly unveiled the Protecting Our Wallets Energy Rebate program, a proposed $266 billion spending plan aimed at lowering costs for families across the state.

One of the biggest parts of the plan is a new rebate program called “POWER” checks.

$500 Checks Could Be Coming

Under the proposal:

• New Yorkers making under $150,000 could get $500
• Those making between $150,000 and $300,000 could get $300

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Officials say the payments would help cover rising utility costs and are expected to go out in fall 2026.

Tax Cuts For Many New Yorkers

Lawmakers are also proposing tax cuts for low- and middle-income residents.

The plan includes:

• A 1% tax cut for people earning under $323,200
• Expanded relief for families with dependents

Some low-income households could see their state income taxes eliminated entirely. Officials say about 363,000 taxpayers could benefit from this change.

“Our budget includes critical relief for hardworking families and puts money back into communities across the state,” Heastie said. "We will continue working to make New York State a more affordable place to live, work and raise a family.”

The proposal still needs to be negotiated with the State Senate and the Governor before anything becomes final. If approved, it could mean real savings for millions of New Yorkers.

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