New York’s Inflation Refund: Get Up to $500 Checks Under Governor Hochul’s Plan!
New York taxpayers may receive checks of up to $500 from Albany next year if Governor Kathy Hochul’s proposal is approved by state lawmakers.
The “inflation refund” plan was announced by Hochul on Monday as part of the preview for her annual State of the State speech, which will take place on January 14.
The payments, which will be issued to 8.6 million New Yorkers, are expected to cost the state around $3 billion.
This expense will be included in the state budget that Hochul will propose in January and finalize with state lawmakers by April 1.
Governor Hochul explained that the refunds would be for excess sales tax payments New Yorkers have made due to rising consumer prices.
The higher prices have led to more tax revenue for the state, and Hochul believes it’s time to return some of that money to help New Yorkers who are struggling with high living costs.
“The cost of living is still too high, and New Yorkers deserve a break,” Hochul stated in her announcement.
The proposal is coming at a time when many New Yorkers are raising concerns about the high cost of living in the state.
According to a Siena College poll released on Tuesday, 71% of New York voters listed the cost of living as one of their top two concerns.
Furthermore, 43% of respondents said addressing the high cost of living should be Albany’s top priority in 2025, making it the most pressing issue for New Yorkers.
When Would Checks Arrive in New York?
The checks are expected to be distributed next fall, assuming the proposal is approved by lawmakers. Hochul’s approval ratings have recently risen slightly, but they remain low, with only 39% of voters viewing her favorably and 46% approving of her job performance, according to a Siena poll.
Here’s what we know so far about the “inflation refund” checks:
Who Would Qualify for The Payments, and How Much Are They?
Individual taxpayers earning up to $150,000 a year will receive $300 checks, while couples filing joint returns with a combined income of up to $300,000 will get $500 checks.
When would the checks arrive?
Hochul’s plan states that the checks would begin to be sent out next fall, depending on approval from lawmakers. However, no specific dates or timeline for mailing the checks have been provided yet.
What Were the Initial Reactions to The Proposal?
Democrats hold majorities in both legislative chambers, so they will likely have the final say on whether the proposal moves forward.
There was no immediate response from Democratic leaders after Hochul’s announcement.
However, Republicans and potential Democratic challengers have criticized the “inflation refund” as a political move and as a weak response to a larger issue.
Republican Assembly leader Will Barclay criticized the plan, calling it “nickel-and-diming” New Yorkers for every cent. GOP Representative Mike Lawler, who is considering a run for governor in 2026, also criticized the plan, saying,
“Taking thousands of dollars out of New Yorkers’ left pocket and then putting $500 in their right pocket isn’t a tax cut, it’s an insult.”
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