Governor Kathy Hochul has proposed sending inflation refund checks to 8.6 million New Yorkers as her first proposal from her 2025 State of the State.
Of the 8.6 million estimated recipients, …
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Governor Kathy Hochul has proposed sending inflation refund checks to 8.6 million New Yorkers as her first proposal from her 2025 State of the State.
Of the 8.6 million estimated recipients, roughly 163,000 are in the North Country region.
The proposal would deliver $3 billion to lower income individuals and families by taking excess sales tax revenue that was driven by inflation, in turn giving the money back to state residents who qualify, state officials said.
The first-ever Inflation Refund would come in the form of direct payments to residents, $300 for single taxpayers who make up to $150,000 per year and $500 for joint tax filers who make up to $300,000 per year, state officials said.
The Governor has said the funds are just one of several proposals to help address the cost of living of New Yorkers.
“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we're returning that cash back to middle class families,” Governor Hochul said. “My agenda for the coming year will be laser-focused on putting money back in your pockets, and that starts with proposing Inflation Refund checks of up to $500 to help millions of hard-working New Yorkers. It's simple: the cost of living is still too damn high, and New Yorkers deserve a break.”
The Inflation Refund would be a one-time, direct payment, the Governor said.
If the proposal were to be successful and pass through the State Legislature, payments would be made starting Fall 2025.