Gov. Hochul Proposes ‘Inflation Refund’ Checks for Millions of New Yorkers
TL/DR –
Governor Kathy Hochul has proposed a plan that could result in millions of New York state residents receiving “inflation refund” checks of up to $500. The refunds, funded by surplus sales tax revenue triggered by inflation, would amount to $300 for single taxpayers earning up to $150,000 annually and $500 for joint filers making up to $300,000 per year. If the state budget passes with this proposal, the payments would start in fall 2025, benefiting around 8.6 million New Yorkers.
New York Residents May Get Up to $500 as “Inflation Refund”
In a move that could benefit millions, New York Governor Kathy Hochul proposed an “inflation refund” check of up to $500. This plan, if approved in next year’s state budget, targets single taxpayers earning up to $150,000 and joint filers earning up to $300,000 annually.
Excess Sales Tax Revenue to Fund Refunds
The proposed refund comes from surplus sales tax revenue due to inflation. Hochul estimates around 8.6 million New Yorkers could receive direct payments totaling nearly $3 billion. “New York’s sales tax has generated unprecedented revenues because of inflation, and we’re returning this to middle-class families,” she stated.
Rollout of Payments in 2025
If the state Legislature approves the plan, payments will start in fall 2025. Governor Hochul expects around 3.6 million New York City dwellers to benefit. The refund program is possible due to a growth in sales tax revenues, exceeding historical averages, primarily driven by rising prices.
Who is Eligible for the Refund?
New Yorkers who recently filed tax returns are eligible for this payment, as per the Governor’s office release.
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