New Yorkers might stand up to $500 examine in first unveiling of Gov. Hochul’s State of State proposals: ‘I do know the stress’

Taxpayers in New York might obtain $500 refund checks subsequent yr, as a part of Gov. Kathy Hochul’s first official proposal to fight the price of residing in 2025.

The “Inflation Refund” — the primary ever within the state — would ship $3 billion again into the pockets of 8.6 million of the state’s taxpayers subsequent yr, the governor stated unveiling the proposal outlined in her upcoming State of the State tackle.

Single taxpayers who earn as much as 150,000 per yr would obtain refund checks for $300 subsequent yr, whereas joint filers who make as much as $300,000 yearly would acquire $500, in line with the plan. 

“I do know the stress mother and father really feel intuitively, in my bones, I really feel it,” Hochul stated throughout a press briefing within the Bronx on Monday, “and that’s why I’m so dedicated to serving to New York households in any means doable.”

The 66-year-old governor pointed to her personal modest upbringing in a “working class household” of eight consuming “hamburger helper,” “stale Twinkies and bread” and “fried spam sandwiches” within the outer suburbs of Buffalo.

And, because of this, stated she was shocked watching the price of a gallon of milk, eggs and diapers soar after the pandemic.

“I do know that feeling of simply not getting forward,” she added. 

“We’re instructed inflation is getting higher, it’s really coming down. However let me ask this query: ‘Do any of you are feeling like you may have extra money in your pocket nowadays? No? I didn’t suppose so.’”

The tax rebates are the primary of a number of initiatives Hochul hopes to place ahead subsequent yr as a part of her “affordability agenda” to curb the excessive value of residing within the Empire State.

These initiatives will probably be outlined in her upcoming State of the State tackle on Jan. 14, and comes simply weeks earlier than the legislative session begins in Albany.

If the Inflation Refund is handed by the state Legislature, funds to taxpayers would start within the fall.

In the meantime, affordability is an obvious focus of Hochul’s State of State tackle, after voters in November pointed to the economic system because the No. 1 challenge on the poll field.