Dec. 9—Gov. Kathleen C. Hochul wants to send checks back to New York taxpayers next year, funded by the state’s sales tax collections.
On Monday, Hochul announced at an event in the Bronx that she intends to work with the state Legislature to send $300 to single taxpayers making up to $150,000 per year, and $500 for joint-filers making up to $300,000. It would cost about $3 billion, reaching an estimated 8.6 million New Yorkers.
“Because of inflation, New York has generated unprecedented revenues through the sales tax — now we’re returning that cash back to middle-class families,” she said.
A spokesperson for the governor said the seven-county north country region will see about $61,383,000 in tax revenue returned to residents there, although a more specific county-by-county estimate isn’t available.
Hochul said this drive comes from an unanticipated boost to sales tax collections seen this year, largely driven by inflation. She said the state collected more in sales tax money than anticipated.
“This is a one-time $3 billion surplus that I believe should be returned to 8.6 million households across New York later this year,” Hochul said.
It’s her first State of the State priority — that’s the big, agenda-setting speech the Governor gives at the start of every year, laying out her priorities for the upcoming legislative session. This push would require approval from the state Legislature as well.