New York state taxpayers could receive $500 refund checks next year as part of Gov. Kathy Hochul's first official proposal for a 2025 cost-of-living package.
“Inflation refund” – first attempt in the state — $3 billion would be returned to the pockets of the state's 8.6 million taxpayers next year, the governor said, unveiling a proposal to be outlined in his upcoming State of the State address.
Under the plan, single taxpayers making less than $150,000 a year would receive a $300 refund check next year, while joint filers making less than $300,000 a year would collect $500.
“I know intuitively that parents are stressed, I feel it firsthand,” Hochul said at a news conference in the Bronx on Monday. “That's why I'm committed to supporting New York families in every way possible.”
The 66-year-old governor noted that he had a modest upbringing in a “working class family.” Among the eight people eating “Hamburger Helper,” “Stale Twinkies and Bread,” and “Fried Spam Sandwiches” in the Buffalo suburbs.
As a result, he said he was shocked to see the price of a gallon of milk, eggs and diapers soar after the pandemic.
“I understand the feeling of not being able to move forward,” she added.
“They say inflation is improving, but it's actually going down. But let me ask you this: 'Does anyone feel like they have more money in their pockets these days? 'No? I didn't think so.'
The tax rebate is the first of several initiatives Hochul hopes to propose next year as part of an “affordability policy” to rein in the Empire State's high cost of living.
These efforts are expected to be outlined in her State of the Union address scheduled for Jan. 14, just weeks before Congress begins in Albany.
If the inflation refund bill passes the state Legislature, payments to taxpayers would begin in the fall.
Meanwhile, affordability was clearly the focus of Hochul's State of the Union address after November voters identified the economy as their top issue at the polls.
