New York Governor Kathy Hochul is considering a bold proposal to return approximately $3 billion to 8.6 million New Yorkers. This initiative aims to ease the burden of inflation on working families.
This one-time payment marks the initial proposal in Hochul’s 2025 State of the State address, slated for delivery on January 14. If approved by the legislature, New Yorkers could expect to see these checks arriving in the fall of 2025.
$500 for Families, $300 for Individuals: Governor Hochul’s Big Announcement Explained
The state plans to utilize excess sales-tax revenue to fund this initiative. Under this proposal, families with incomes up to $300,000 would receive $500, while individuals earning $150,000 or less would receive $300. Governor Hochul made this announcement on Monday, underscoring her commitment to supporting New York’s families.
- Excess Sales-Tax Revenue will fund the payments.
- $500 for families earning up to $300,000.
- $300 for individuals making $150,000 or less.
With the pressures of inflation mounting, New York has seen a surge in revenues from the sales tax. In response, Governor Hochul has announced an initiative to return this excess to the state’s middle-class families. “My agenda for the coming year will be laser-focused on putting money back in your pockets,” Hochul stated, emphasizing her commitment to financial relief for residents.
New Yorkers work hard — but the cost of living is still too damn high.
I’m proposing a new way to put money back in YOUR pockets.
Join me live in the Bronx: https://t.co/pWwS5eLZu4
— Governor Kathy Hochul (@GovKathyHochul) December 9, 2024
Political Landscape and Challenges
As Governor Hochul gears up for a potential second term, she faces significant hurdles. Her popularity among New York voters is wavering, and she might encounter a primary challenge in the 2026 gubernatorial election. One notable potential contender is US Representative Ritchie Torres, a Democrat from the south Bronx. Torres is contemplating a run against Hochul and was quick to criticize her recent proposal. He expressed his concerns on X, asserting that the governor “gives with one hand while taking with the other.”
