Good news for New York residents! A newly approved stimulus payment of $1,407 is on its way to provide financial relief under the School Tax Relief (STAR) program. This initiative is designed to help homeowners navigate the challenges of school taxes during these economically difficult times.
Who will get a $1407 Stimulus Check?
The School Tax Relief (STAR) program in New York State provides financial relief to families through two exemptions:
- BASIC STAR
- Enhanced STAR
To determine eligibility, applicants must familiarize themselves with the specific requirements for each exemption, ensuring they can access the benefits and effectively manage their school tax expenses.
What is the BASIC STAR Eligibility Criteria?
Residence
The applicant must reside in the home as their primary residence, where they live most of the time.
Age
The BASIC STAR program is open to homeowners of all ages, as long as they meet the other requirements.
Income
- STAR Credit: Annual income must not exceed $500,000.
- STAR Deduction: Annual income must not exceed $250,000.
These limits apply to the combined income of all property owners and their spouses or partners living in the home.
Ownership
- The applicant(s) must be the legal owner(s) of the property.
- Exceptions apply for officially separated spouses, who may be eligible for two STAR benefits.
- Buyers of homes through executory contracts (land contracts) are also considered owners.
Note: Homes owned by corporations, partnerships, or LLCs are generally ineligible, while farm dwellings may be eligible.
What is the Enhanced STAR Eligibility Criteria?
Residency
Enhanced STAR: At least one owner must reside in the property as their primary residence and meet the age requirement.
Age
To qualify, an owner must be at least 65 years old by December 31 of the claim year. If the property is co-owned by a married couple or relatives, only one owner needs to meet the age requirement.
Income
- 2024: Income limit is $98,700 or less.
- 2025: Income limit increases to $107,300 or less.
Note: The income limit considers the combined income of all property owners, including non-resident owners and spouses/partners living at the property.
Ownership:
- The applicant(s) must be the legal owner(s) of the property, following the same requirements as BASIC STAR.
- Additional rules apply for multiple property ownership and legal separation.
How will the payments be received?
- Automatic Deductions: Payments will be subtracted directly from school tax bills.
- Direct Payments: Eligible recipients will receive checks if they qualify for STAR program benefits.
What are the Benefits for a Surviving Spouse?
Eligible surviving spouses may be able to continue receiving the Enhanced STAR benefit, provided they meet the program’s specified requirements.
Which Types of Properties Owned by Corporations, Partnerships, and LLCs are Eligible for the STAR Program?
The STAR program typically excludes properties owned by corporations, partnerships, and LLCs from eligibility. However, there is a notable exception: farm dwellings. This means that if a corporation, partnership, or LLC owns a farm dwelling, it may be eligible for the STAR program, whereas other types of properties owned by these entities would not be eligible.
It’s essential for New York residents to understand these requirements to accurately determine their eligibility and potentially benefit from the program’s tax breaks.
What is the Timeline for Distribution $1407 Stimulus Check?
The STAR program in New York State is designed to provide financial assistance to eligible homeowners as efficiently as possible. The process begins annually in mid-April when updates to income limits, eligibility criteria, and other changes are made available on the Tax Star credit website.
Distribution of the funds starts in the summer, with checks being issued to those who apply.
The state aims to disburse most of these payments before September 11, ensuring that enrolled homeowners receive their benefits either through direct checks or as deductions on their school tax bills.
How to Claim the $1,407 Stimulus Check?
- Verify Eligibility: Ensure that the property you own is your primary residence.
- Complete Application: Visit the New York State Department of Taxation and Finance website to fill out the STAR application online, or register by calling them directly.
- Gather Documentation: Have your previous year’s state or federal tax return ready to confirm your income, and provide age verification documents like birth certificates or driver’s licenses if applying for Enhanced STAR.
- Automatic Renewal: If you’re already enrolled and still own the property, reapplication isn’t necessary; your benefits will automatically continue.
- Submit on Time: Ensure your application is submitted by the deadline to receive your benefits promptly.
- Receive Benefits: Once processed, expect your check to be mailed starting in the summer.
Following these steps will help you qualify for the $1,407 stimulus check through the STAR program in New York State, making it easier for eligible homeowners to manage school taxes.
Who is eligible for a stimulus check in NY?
To be eligible for a stimulus payment, you must be a U.S. citizen, permanent resident, or resident alien with a valid Social Security number (SSN). Additionally, you must file your tax return independently, without being claimed as a dependent on someone else’s return.
Is NYS sending out checks in 2024?
The 2024-2025 New York State budget includes an extra payment for eligible taxpayers through the Empire State child credit. If you’re eligible, you’ll receive a check automatically – no action required! We’ll calculate and send the payment to you.
When will the $1,407 payments be disbursed?
Payments began in mid-April, with most being mailed by September 11.
Are LLCs and corporations eligible for the STAR program?
Typically, properties owned by corporations, partnerships, and LLCs are ineligible, but farm dwellings are an exception.
Where can I find more information about eligibility and updates?
Visit the official New York Government website for detailed information and updates.
