Hochul proposes ‘inflation refund’ checks for New Yorkers | Long Island Business News

Gov. Kathy Hochul is proposing a return of excess sales tax revenue to New Yorkers through what she calls an “inflation refund.”

Households earning less than $300,000 would receive a check for $500 and individuals earning less than $150,000 would receive $300.

If approved by New York lawmakers, the one-time payments would be made in the fall of 2025, the governor’s office said Monday. The program, which will be part of Hochul’s 2025 State of the State address in January, would return $3 billion to approximately 8.6 million New Yorkers.

Her office said the proposal is the result of sales tax revenues growth that exceeds historical averages, driven largely by price inflation.

Eligibility would be determined by tax filings.

“Because of inflation, New York has generated unprecedented revenues through the sales tax,” Hochul said. “Now, we’re returning that cash back to middle class families.

“My agenda for the coming year will be laser focused on putting money back in your pockets, and that starts with proposing Inflation Refund checks. … It’s simple: the cost of living is still too damn high, and New Yorkers deserve a break.”

The plan was praised by Greater Rochester Chamber of Commerce president and CEO Bob Duffy.

“I commend Gov. Hochul’s continued commitment to deliver relief that hard-working New Yorkers deserve,” Duffy said in a prepared statement. “As the voice of business for Greater Rochester, we are supportive of all efforts that seek to reinvest in our families and welcome the factor that over a half-million Finger Lakes residents can expect to benefit from this plan, sparking our local economies.

“I look forward to learning Gov. Hochul’s additional priorities for New York State in the coming weeks and offering Greater Rochester Chamber’s support and advocacy our region needs to reach its potential.”

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