Governor Kathy Hochul delivered her first proposal from the 2025 State of the State affordability agenda, and announced New York State’s first-ever Inflation Refund, which would deliver about $3 billion in direct payments to around 8.6 million New York taxpayers statewide in 2025
Governor Kathy Hochul is proposing an Inflation Refund as part of her 2025 State of the State.
The refund would deliver about $3 billion in direct payments to around 8.6 million New York taxpayers statewide in 2025.
Hochul cited the increase in the cost of goods since the Pandemic as a reason for the refund, “..a gallon of milk is a dollar more than it was then, dozen eggs has doubled. Pound of hamburger? And I grew up eating a lot of Hamburger Helper as a kid — it was like $3.50, $3.80, $3.50 back then, it’s $5.58 today. Diapers are up 48 percent. It all adds up fast, especially when you have small kids.”
This payment would be granted to New York State taxpayer filers regardless of homeownership or parental status.
New Yorkers who recently filed tax returns will be eligible for the payment. Taxpayers who are single, head of household, or married filing separately, will be eligible if their income was no greater than $150,000. They will receive $300. Resident couples filing jointly will be eligible if their income was no greater than $300,000. They will receive $500.
Hochul said Monday’s announcement is one of several proposals to help address the cost of living that will be unveiled as part of her upcoming State of the State.
Hochul plans to use surplus growth derived from a growth in sales tax revenues to provide the payment.
If this proposed Inflation Refund is passed by the State Legislature, payments will be made starting Fall 2025.
This doesn’t help retired seniors as very few file taxes
Again she’s just trying to buy votes
She’ll NEVER get MINE!