Millions Across New York State Could Get Inflation Refund Check

If you were to ask many Americans what one of their biggest concerns about the economy was, chances are inflation will come up early in the conversation. According to the Comptroller’s Office, inflation in New York state is around 4.1& which is higher than the national average of 2.9%.

And while these numbers are a bit lower than when they peaked in 2022, it is still a pressing issue for many residents. But there could be some relief on the way for New Yorkers as we head into 2025, if a new proposal passes.

Millions Across New York State Could Get Inflation Refund Check

WGRZ is reporting that 8.6 million New York taxpayers could be getting refunds in 2025. New York Governor Kathy Hochul introduced her first proposal of the 2025 State of the State that would give New Yorkers an 'inflation refund check'.

This would be the first time the state has ever issued checks of this kind, according ABC News.

The refund would send $300 to single taxpayers, who make up to $150,000 a year, and $500 to those who file their taxes jointly, making up to $300,000 year, reports WGRZ.

Hochul say that the "state's sales tax revenues have exceeded historical averages, thanks to price inflation". The surplus would be used to fund the proposed refund checks, according to Hochul's Office, The proposed inflation checks would be a one-time deal, and would be mailed out by the fall of 2025, reports WGRZ.