NYC Gov. Kathy Hochul Unveils $300 Inflation Refund Payments.

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New York Governor Kathy Hochul has introduced a proposal for a one-time payment aimed at providing financial relief to residents impacted by inflation, her office announced on Monday. Dubbed the Inflation Refund, this initiative targets approximately 8.6 million New Yorkers with payments of $300 for individuals earning $150,000 or less and $500 for couples with a combined income of $300,000 or less.

The proposal, if approved by the legislature, would utilize around $3 billion in taxpayer funds. Payments are expected to begin in the fall of 2025. Governor Hochul described the initiative as a much-needed financial break for middle-class families, emphasizing its intent to address the ongoing challenges posed by the rising cost of living.

Hochul explained that the state has experienced significant revenue growth through sales tax collection due to inflation, which she intends to redirect to benefit New Yorkers. The proposal focuses on assisting hard-working families struggling with high living costs.

Eligibility for the payment would be assessed based on recent tax filings. Single taxpayers, heads of households, or married people filing separately would be eligible if their income was less than $150,000 and A joint filer’s total income must be $300,000 or less to be eligible.

In a social media post, Governor Hochul emphasized the straightforward nature of the program, stating there would be no loopholes or nonsense, but simply money that residents could use to cover essential expenses.