If approved by state lawmakers, New Yorkers could be in line for “Inflation Refund” checks of up to $500 next year under a proposal from Gov. Kathy Hochul.
To highlight the payment plan, Hochul took a shopping trip with a Western New York constituent at a Cheektowaga Tops on Friday to highlight the 2025 State of the State affordability agenda.
As her first proposal for the 2025 State of the State, Hochul will offer New York state’s first-ever Inflation Refund, which would deliver about $3 billion in direct payments to around 8.6 million New York taxpayers statewide in next year.
The new refund would send a payment of $300 to single taxpayers who make up to $150,000 per year, and a payment of $500 for joint tax filers making up to $300,000 per year. The announcement is one of several proposals to help address the cost of living that will be unveiled as part of the governor’s upcoming State of the State.
“I wanted to come here to a store that I’ve shopped in before, just much like the Tops that was around the corner from where we grew up, where I spent countless hours as a young mom. Trying to make ends meet at a time when I wasn’t working,” Hochul said at Friday’s press event. “My husband was a public servant, so the income was not that high. And I know personally what it was like when those bills would come in every month. And you just pray that you’re going to be able to get through with the paycheck you had and get through another month.
“… Now a nice store like Tops, they’re working hard to keep prices down, there’s a lot of items on sale, but when you add up the cost of a grocery cart these days, it is shockingly high all across the country.”
Hochul said lawmakers need to understand, how hard it is. Not just to show empathy and say, “I understand,” but to actually do something about it.
To help do something about it, Hochul said the state will use an excess of sales tax revenues.
“Over $3 billion more out of the pockets of hard working New Yorkers,” Hochul said. “Now that could stay in the state and there’ll be a lot of pressure from elected officials and special interest groups who say, ‘No, no, spend that at the state level, figure out a different way.’ and I’m saying no.”
I’m on the side of hard working people like we have right here in Cheektowaga, New York, who go to work every day, want to live the American Dream, try to pay for their house or their rent, think about college someday, setting aside a little bit of money and just getting through every day.
The governor took a trip around Tops with Mandy Breniser and her daughter and they discussed current prices of products in the supermarket. Breniser said the inflation refund would be a big help to her family.
“It feels like every time I think I’m starting to get ahead or catch up, then inflation keeps going, prices change, or the supply chain has an issue. So this would definitely help, not just me, but so many people I know. Affordability is a problem, and thank you for addressing it.