New York State intends to distribute $3 billion in direct payments to nearly ten million New Yorkers.
Hochul made the announcement on Tuesday during her 2025 State of the State address.
Direct Payments To Nearly 10 Million In New York
Hochul proposed New York’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 told the crowd.
The plan is to send $3 billion in direct payments to approximately 8.6 million New York taxpayers. A breakdown by region is shown below.
How Much Money Will You Get In New York?
The refund is expected to send $300 to single New Yorkers who earn less than $150,000. Families making less than $300,000 per year should receive a $500 payment.
“My agenda for the coming year will be laser-focused on putting money back in your pockets, beginning with proposing $500 Inflation Refund checks to assist millions of hardworking New Yorkers.” It’s simple: the cost of living remains too damn high, and New Yorkers deserve a break.”
New Yorkers who have recently filed tax returns will be eligible for the payment.
Reason For “First-Ever Inflation Refund.”
The funds address the effects of inflation on the price of everyday goods in the years following the COVID pandemic.
“In recent years, New York State’s sales tax revenues have exceeded historical averages. This expansion has been fueled primarily by price inflation.
With that in mind, Governor Hochul’s proposal would use the surplus growth to make a one-time payment to New Yorkers. This payment would be made to all New York State taxpayers, regardless of homeownership or parental status.
If passed payments will be sent out in the Fall of 2025, officials say.
