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4mo ago

Gov. Hochul Proposes $500 Inflation Relief Checks for New Yorkers

The one-time payments, funded by surplus sales tax revenue, aim to address the rising cost of living and require legislative approval.

Kathy Hochul
Gov. Kathy Hochul speaks in New York City in October.
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Overview

  • The proposed 'Inflation Refund' would provide $300 to single taxpayers earning up to $150,000 and $500 to joint filers earning up to $300,000 annually.
  • Governor Kathy Hochul announced the $3 billion initiative, which would benefit approximately 8.6 million New Yorkers, including 3.6 million in New York City.
  • The checks would be funded by surplus sales tax revenue, attributed to inflation-driven increases in consumer spending.
  • The proposal is part of Hochul's broader 2025 affordability agenda, which she will detail in her State of the State address on January 14.
  • If approved by the state legislature, payments are expected to begin in the fall of 2025, though some critics argue for more permanent tax relief measures.