More Than 1.3M Long Islanders Might Receive Inflation Refunds

December 9, 2024 Hank Russell Long Island News Comments Off on More Than 1.3M Long Islanders Might Receive Inflation Refunds
(Photo: Office of Governor Kathy Hochul) Governor Kathy Hochul shows how much money New York taxpayers will receive under the proposed Inflation Refund.

By Hank Russell

As her first proposal for the 2025 State of the State, Governor Kathy Hochul introduced New York State’s first-ever Inflation Refund during a press conference on December 9. The refunds would deliver about $3 billion in direct payments to around 8.6 million New York taxpayers statewide in 2025. As part of this program, more than 1.3 million Long Islanders could receive a check in the mail.

This 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. With 1.344 million Long Islanders eligible to receive these payments, the region will see a total of $403.2 million to $672 million in refunds.

Today’s 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. The purpose of this new Inflation Refund is to help address the impacts of inflation on the cost of everyday goods in the years following the COVID pandemic.

If this proposal passes the State Legislature, payments will be made starting next fall.

“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we’re returning that cash back to middle-class families,” 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.”