New York Gov. Kathy Hochul has proposed a one-time $300 payment to individuals earning $150,000 or less, and $500 to couples making $300,000 or less, her office announced Monday.
In what would be the state’s first “Inflation Refund,” Hochul wants to send about 8.6 million New Yorkers a few hundred dollars starting in fall 2025 if approved by the legislature, an official press release stated.
Around $3 billion in taxpayer funds would be allocated for the payments, which the governor called a “break” for her constituents.
“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we’re returning that cash back to middle class families,” 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 press release explained that New York residents who “recently filed tax returns will be eligible for the payment.”
“Taxpayers who are single, head of household, or married filing separately, will be eligible if their income was no greater than $150,000. Resident couples filing jointly will be eligible if their income was no greater than $300,000,” Hochul’s office stated.
In an X post announcing her proposal, Hochul said there are no “loopholes” or “BS,” — “Just money you can use to pay the bills”:
