N.Y. Gov. Hochul proposes first ever Inflation Refund check for New Yorkers; Here’s how much you’ll receive

New York’s Staten Island — A new proposal from the state’s top elected official may soon send hundreds of dollars to millions of New Yorkers.

The idea to issue New York’s first-ever Inflation Refund check, which would give around $3 billion in payouts to taxpayers, was unveiled by Governor Kathy Hochul on Monday.

New Yorkers who make up to $150,000 annually would receive a $300 check under the idea, which is the first of several that will likely be unveiled in the upcoming weeks as part of the governor’s 2025 State of the State. Families who earn up to $300,000 annually would receive a $500 payment.

We’re giving middle-class households their money back because New York’s sales tax has brought in historically high amounts of money due to inflation, Hochul stated. Putting money back in your pockets will be the top priority on my agenda for the upcoming year, and I’ll start by suggesting that millions of hard-working New Yorkers receive $500 Inflation Refund checks. The answer is straightforward: New Yorkers should be given a break since the cost of living is still far too high.

The governor’s office estimates that 8.6 million New Yorkers, including about 3.6 million who reside in New York City, will receive the one-time payouts.

The checks will be paid out of surplus sales tax revenue, which has increased historically in the state in recent years as a result of high inflation rates.

The payments are anticipated to be made in the fall of 2025 if they are authorized by the state assembly.

Everyone in New York agrees that living expenses are excessively expensive. To help make it simpler for New Yorkers to live, work, and raise a family in our state, Governor Hochul’s plan for a new Inflation Refund is exactly what we need, said Wayne Spence, president of the NYS Public Employees Federation.

Hochul has already provided more than $5.5 billion in supplemental payments, tax relief, and refunds during her tenure as governor, and the proposal for an inflation refund check is the most recent in a long series of initiatives to alleviate the state’s cost of living issues.

Among these initiatives are the country’s first-ever prenatal paid leave, an enhanced child tax credit and tuition assistance program, $4 billion in tax relief for middle-class New Yorkers, $600 million in gas tax relief, $200 million in food help for low-income children, and more.

A significant and much-needed step toward reducing the financial burdens on New Yorkers is Governor Hochul’s proposal. “This initiative reflects a deep understanding of the challenges our residents face and a commitment to ensuring economic relief reaches every corner of the state,” said Westchester County Executive George Latimer. “This initiative aims to lighten those tough conversations that are taking place at kitchen tables throughout New York.”

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