At an event on December 9, 2024, New York State Governor Kathy Hochul proposed as part of her upcoming State of the State agenda, a program that would send payments of either $300 or $500 to 8.6 Million New Yorkers at an estimated cost of $3 Billion.
While still a long way off from becoming law, the program would send refunds of $300 to those who file individual returns making less than $150,000 per year and $500 to those filing joint making less than $300,000 per year. The program is still very much in its infancy in terms of details and is still just a proposal. The source of the funds is an unexpected increase in state sales tax collections as a result of inflation that has been impacting taxpayers for the past few years.
Until the governor gives her State of the State address and the budget is passed – which is anticipated to occur by April 1 – this still only a proposal. Should this proposal find its way into the budget, the Governor’s address indicated that taxpayers could expect to see these “Inflation Refunds” in the fall of 2025.

Kayla Vigorito, MBA
Supervisor
Kayla is a member of Cerini & Associates’ tax staff which provides services across a variety of industries including healthcare, construction, retail, manufacturing, service, and technology.