How Does $500 'Inflation Refund' Check Sound? Here's Who Qualifies Under Hochul's Proposal

Around 8.6 million taxpayers statewide could stand to benefit from a historic $3 billion in “inflation refund” checks that were proposed by Gov. Kathy Hochul during a speech in the Bronx on Monday, Dec. 9.

If approved by lawmakers, the initiative would deliver $300 checks to single taxpayers earning up to $150,000 annually and $500 to joint filers with incomes up to $300,000.

The refunds would be funded by surplus sales tax revenue generated during the recent period of high inflations. Hochul said the one-time payments would provide immediate relief to taxpayers struggling with everyday expenses like groceries, rent, and utilities.

“This is your money, and it belongs back in your pocket,” said Hochul.

The proposal must still gain legislative approval before being implemented, with payments potentially reaching taxpayers later in 2025. 

More details about the Inflation Refund and other affordability initiatives are expected to be included in Hochul’s upcoming State of the State address in January.

What Do You Think?

Do you support taxpayers getting “Inflation Refund” checks, or could that tax revenue be better used elsewhere? Sound off in our poll above.

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