Governor Kathy Hochul announced a plan to send inflation refunds of up to $500 to qualifying New Yorkers, aiming to alleviate the impact of rising living costs.
The proposal would deliver about $3 billion in payments to over 8.5 million taxpayers by sending $300 to singles earning up to $150,000 and $500 to joint filers making up to $300,000.
New York State has seen sales tax revenue growth exceeding historical averages, largely due to inflation, creating a surplus to fund the proposed refunds.
Hochul emphasized that her agenda is focused on financial relief for middle-class families, confirming that 'New Yorkers deserve a break' given the high cost of living.
#inflation-refunds #kathy-hochul #new-york-taxpayers #covid-economic-impact #state-legislature-proposal
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