NEW YORK (PIX11) – Some New Yorkers could soon receive "inflation rebates" in the form of checks for either $300 or $500, Gov. Kathy Hochul announced Monday morning.
The one-time checks are funded by higher-than-expected sales tax revenue in New York, Hochul said.
For single people making up to $150,000 per year, the checks would be $300. For families earning up to $300,000 per year, the checks would be for $500, Hochul said.
Monday's announcement is a budget proposal, meaning it will still have to clear the Legislature before checks hit New Yorkers' banks, Hochul said. At the earliest, the rebate plan could clear in the spring.
"First I have to work with the Legislature, and win their support in the budget," Hochul said.
An estimated 3.6 million people in New York City will receive the checks and another 1.34 million on Long Island. In total, around 8.6 million New Yorkers would get checks.
"The last few years have been really, really tough for people,” Hochul said. “Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we're returning that cash back to middle class families."
Some elected officials immediately shared their support for the plan.
"It’s not a fortune - but this can help cover the skyrocketing cost of groceries for families in New York," said state Assemblyman Doug Smith.
As of October, the Consumer Price Index increased 2.6% over the previous year, according to the U.S. Bureau of Labor Statistics. The cost of food jumped 2.1 percent and the cost of shelter 4.9%, according to the October data.
