Welfare
Inflation rebate checks of $300 and $500? What is Governor Hochul’s proposal and who will receive the payment?
New York Governor Kathy Hochul has proposed a program that would give rebate checks to around 8.6 million taxpayers. Who qualifies for the payment?
New York Governor Kathy Hochul has proposed the creation of the Inflation Refund, which would benefit around 8.6 million taxpayers. This is her first proposal for the 2025 State of the State.
The fund would set aside about $3 billion for direct payments to workers and aims to help New Yorkers cope with the rising cost of living. The money would be taken from excess sales tax revenue collected by the state, which has exceeded historical averages.
“Because of inflation, New York has generated unprecedented revenues through the sales tax,” Hochul in a statement. “Now, we’re returning that cash back to middle class families.”
READ ALSO: California ends renter favoritism in 2025
Rebate checks of $300 and $500? What is Governor Hochul’s proposal and who will receive the payment?
The refund will benefit New Yorkers who recently filed tax returns. Those who are single, head of household, or married filing separately, will be eligible to receive a one-time payment of $300 if their income was no greater than $150,000 per year.
New York couples filing jointly will be qualified to receive a one-time payment of $500 if their income was no more than $300,000 per year.
READ ALSO: Relief for retirees: How inflation will shape your Social Security benefits in 2025
If the State Legislature passes the proposed measure, direct payments will be made beginning fall next year.
New York City is expected to have the most recipients, numbering at 3.6 million, followed by Long Island with 1.3 million and Hudson Valley with an estimated 986,000 beneficiaries.
Republicans have criticized the Democratic governor’s proposal, saying it was a ploy to gain popularity.
Get your game on! Whether you’re into NFL touchdowns, NBA buzzer-beaters, world-class soccer goals, or MLB home runs, our app has it all.
Dive into live coverage, expert insights, breaking news, exclusive videos, and more – plus, stay updated on the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.