Millions of New Yorkers Could Share $3 Billion In Inflation Refunds! Are You One?

Sometimes a refund is good news and other times a refund is disappointing. For example, if you purchased tickets to see your favorite band but the show was cancelled, that would be a disappointing refund.

Governor Kathy Hochul has proposed New York's first-ever inflation refund. This has the potential to put money back in the pockets of nearly 9 million individuals. Who will get  the checks? How much money could you receive? Let's take a look.

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In December of 2024, Governor Hochul stated that New York State made "unprecedented revenues" in sales tax and she would like to give some of that money back to help residents with the high cost of living.

My agenda for the coming year (2025) will be laser-focused on putting money back in your pockets, and that starts with proposing Inflation Refund checks of up to $500 to help millions of hard-working New Yorkers. It's simple: the cost of living is still too damn high, and New Yorkers deserve a break. - Governor Kathy Hochul

According to a press release, the Governor would use approximately $3 billion in excess sales tax revenue and distribute the money to 8.6 million middle class tax payers.

• $500 one-time payment for families making less than $300,000
• $300 one-time payment for individual New York Taxpayers making less than $150,000

Estimated dispersed payments are expected to benefit nearly 1 million in the Hudson Valley, 620,000 in Western New York, 500,000 in the Capital Region and 340,000 in Central New York, to name a few. If this proposed Inflation Refund is passed by the State Legislature, payments will be made starting Fall 2025.