
New York Plans To Send “Inflation Refund” Checks To 8.6 Million
New York State hopes to deliver $3 billion in direct payments to nearly 10 million New Yorkers.
Hochul made this announcement on Tuesday during her 2025 State of the State.
Direct Payments To Nearly 10 Million In New York
Hochul's proposed New York State’s "first-ever Inflation Refund."
“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we're returning that cash back to middle-class families,” Hochul said.
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The plan is to send $3 billion in direct payments to about 8.6 million New York taxpayers. A breakdown by region is below:
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The refund is expected to send $300 to single New Yorkers making less than $150,000. Families making less than $300,000 yearly should receive a $500 payment.
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“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 of up to $500 to help millions of hard-working New Yorkers. It's simple: the cost of living is still too damn high, and New Yorkers deserve a break.”
New Yorkers who recently filed tax returns will be eligible for the payment.
Reason For "First-Ever Inflation Refund."
The money addresses the impacts of inflation on the cost of everyday goods in the years following the COVID pandemic.
"In recent years, New York State has experienced growth in sales tax revenues that exceed historical averages. This growth has been driven largely by price inflation. With that in mind, Governor Hochul’s proposal will use that surplus growth to provide a one-time payment to New Yorkers. This payment would be granted to New York State taxpayer filers regardless of homeownership or parental status.
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If passed payments will be sent out in the Fall of 2025, officials say.
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