New Yorkers may receive ‘Inflation Relief’ payments next year, as proposed by Governor Kathy Hochul.

ALBANY, N.Y. — New Yorkers may receive “Inflation Refund” checks reaching up to $500 from their state government next year, as proposed by Governor Kathy Hochul in a recent announcement.

The initiative, which requires approval from state lawmakers, intends to provide one-time payments of $300 for individuals earning below $150,000, and $500 for households with incomes under $300,000. This proposal is part of Hochul’s agenda for the forthcoming legislative session set to begin in January.

If the Legislature passes the plan, payments will be distributed to residents starting in the fall. The proposal aims to utilize excess sales tax revenues, which have largely resulted from inflation-related increases in consumer prices, as noted by the governor’s office.

Hochul expressed her belief that this surplus sales tax revenue, driven by inflation, should not be retained by the state. “It’s your money, and it should be back in your pockets,” she remarked during a press conference in the Bronx.

The financial initiative is projected to distribute a total of $3 billion, benefiting approximately 8.6 million residents across the state. New Yorkers who have filed their tax returns will qualify for this program.