Governor Proposes Inflation Refund Check to NY Taxpayers – Proposed Refunds in Fall 2025

New York Governor Kathy Hochul says one of her first proposals in her 2025 State of the State address is to propose the state’s first ever Inflation Refund to nearly 8.6 million New York taxpayers; the refund would total around $3 billion dollars. Funding for the refunds would come from excess sales tax revenues. The Governor’s Office says the refund would be direct payments to taxpayers throughout the state in 2025.

The refund would send a direct payment of $300 to individual taxpayers who make less than $150,000 a year and $500 for a joint tax filing for those making up to $300,000 a year. 

“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we’re returning that cash back to middle class families,” Governor Hochul said. “My agenda for the coming year 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.”

The Inflation Refund would be a one time direct payment. The Governor’s Office says for the Central New York Region, around 502,000 people would be eligible for one of the refunds. The proposed refund will need to pass through the State Legislature. If approved, the refund will be done in the Fall of 2025.