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Governor Hochul Proposes $3 Billion 'Inflation Refund' Checks Up to $500 for 8.6 Million New Yorkers

Dec 9, 2024, 06:10 PM

New York Governor Kathy Hochul, speaking in Co-op City, has proposed sending 'Inflation Refund' checks to millions of New Yorkers to alleviate rising costs of living due to inflation. Under the proposal, individuals earning up to $150,000 a year would receive a $300 check, and families filing jointly with incomes up to $300,000 would receive a $500 check. The plan aims to return excess sales tax revenue, generated from higher-than-expected collections due to inflation, back to residents. Hochul, who is not concerned that the checks will drive up inflation, referred to the initiative as New York's first-ever inflation rebate, stating, 'No loopholes. No BS. Just money you can use to pay the bills.' The proposal, totaling about $3 billion, requires legislative approval and is part of Hochul's 2025 State of the State proposals.