Hochul to Send New Yorkers Hundreds of Dollars in Checks to Help Counter Inflation

New Yorkers will be able to receive Inflation Refund checks of up to $500 from the state government next year, reports ABC7.

New York Governor Kathy Hochul announced the plan on December 9.

The plan must first be approved by state lawmakers. It would provide one-time payments of $300 to people earning less than $150 and $000 to families earning less than $500.

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Payments will begin to reach residents in the fall if the plan passes the Legislative Assembly.

"It's simple: The cost of living today is prohibitive. New Yorkers deserve a break," she said. Hawkul in the press release.

Plan will be funded by excess sales tax revenues, which were largely generated by the impact of inflation on consumer goods. The $3 billion payments will go to about 8,6 million people in the state.

New Yorkers who filed tax returns will be eligible for these payments.