Gov. Hochul Proposes $500 Inflation Refunds, Claims no Risk to NY Emergency Funds
TL/DR –
New York Governor Kathy Hochul has proposed sending “inflation refund” checks of up to $500 to taxpayers. The plan involves providing single taxpayers earning up to $150,000 annually a one-time payment of $300, while joint filers making up to $300,000 per year would receive $500, paid for by excess sales tax revenue generated by inflation. Gov. Hochul said the payments would not impact the state’s emergency funds and the proposal comes as New Yorkers have identified the cost of living as the top issue they want the state Legislature to address.
New York Governor Proposes Inflation Refund Checks, Fueled by Excess Sales Tax
New York Governor Kathy Hochul is proposing “inflation refund” checks of up to $500 for taxpayers, asserting it will not impact the state’s emergency funds. Hochul announced the proposal on Monday, aiming to provide a one-time payment to New York taxpayers funded by surplus sales tax revenue generated by inflation.
Hochul stated single taxpayers earning up to $150,000 annually would receive $300, while joint filers earning up to $300,000 annually would get $500. She remarked that the funds, termed as “unanticipated revenue”, are a result of her efforts to secure New York’s financial stability amidst possible downturns and pandemic-related challenges.
Estimated at a total of $3 billion, these payments, Hochul affirmed, are being returned to New Yorkers as a matter of fairness. The governor’s proposal aligns with a recent Siena College poll that revealed cost of living as the primary concern for New Yorkers, with 76% believing it has worsened in the past year.
Addressing affordability concerns directly, Hochul’s proposal counters critics, including Democratic Rep. Ritchie Torres, by demonstrating a better use of funds than re-imposing taxes like the contentious congestion pricing tax in Manhattan. As for the state Legislature’s support for the inflation refund proposal, Hochul expressed optimism, mentioning that Democratic leaders are currently reviewing the measure.
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