New York Gov. Kathy Hochul announced that the state will distribute inflation refund checks to more than 8 million New Yorkers.
Last week, as part of New York's fiscal 2026 budget, Hochul announced the state's "first-ever inflation refund check," which is scheduled to return $20 billion to the pockets of millions of New Yorkers.
"Although inflation raises prices, it creates income for New Yorkers, it also drives a sharp increase in sales taxes in the state. Governor Hochul believes that money belongs to hard-working New York families and should be returned to their pockets as inflation refunds," the state's governor's office said.
Under the new plan, joint taxpayers earning up to $150,000 will receive $400 in checks and joint filings earning more than $150,000, but no more than $300,000 will receive $300 in checks. Single tax filings earning up to $75,000 will receive $200 checks and single filers earning over $75,000, but single filers without $150,000 will receive $150 checks.
"The cost of living is still too high, so I promised to put more money in your pocket and then we're done and we're done and when I say your family is my fight, I mean - I'll never stop fighting for you."
The governor's office said more details on allocating inflation refund check times will be announced in the "next future."
Similarly, Hochul plans to ensure breakfast and lunch for all 2.7 million students across the state, including free school meals, which is part of the Hochul plan. According to a plan proposed earlier this year by Hochul, it is estimated that free school meals can save $165 per child in grocery spending.
Hochul also announced plans to cut taxes of more than 75% of all taxpayers in New York, and is expected to provide nearly $100 million in tax relief to 8.3 million New Yorkers each year.
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"Once exchange rate changes are fully staged, middle-class tax breaks will provide hundreds of dollars in savings for three-thirds of every four taxpayers in the state. This will bring middle-class taxation to a minimum in 70 years," the governor's office said.