Hochul Proposes Tax Rebate for 8.6 million New Yorkers – over 1.3 million Long Islanders

Governor Kathy Hochul has made her first priority for the 2025 State of the State a proposal for New York State's first-ever Inflation Refund. The refund would return about $3 billion to New York taxpayers in direct payments to around 8.6 million New York taxpayers statewide in 2025. Those eligible would receive payments of $300 to single taxpayers who make up to $150,000 per year, and a payment of $500 for joint tax filers making up to $300,000 per year. Of the 8.6 million New Yorkers eligible for the rebate, 1,344,000 are in Long Island. With the median household income in Suffolk County at $120,695, many in Suffolk County will be eligible for the rebate should the proposal pass the legislature. Assemblyman Michael Fitzpatrick (R,C,I-Smithtown) said he had not yet seen the specifics of the Governor's proposal but offered, "It's always good getting money back from the government that it doesn't need. I appreciate the governor doing that, and assuming there are no strings attached, it looks like it wouldn't be hard to support." This $3 billion collected sales tax revenue that was substantially higher than expected because inflation jacked up the prices for daily living items. When the cost of everyday items goes up, the associated sale tax goes up, too, scraping more and more money out of the wallets of every family into the state's coffers. "I'm sure some of the more radical progressives would like to hold on to that money but it's always better in the hands of the people." Fitzpatrick said he'd have to wait and see, "if it will be tied up in the budget or is it going to be a standalone type of thing. If it's tied up in the budget that that might complicate things, but if it's a standalone I imagine it would maybe fly through." Assemblyman Doug Smith (R-Holbrook) said, "I agree with and support Governor Kathy Hochul's proposed "Inflation Rebate". Inflation has increased prices, which has increased the amount of sales tax the state has made. There's a $3 Billion surplus in sales tax revenue — I agree, it should go back to New Yorkers! "It's not a fortune - but this can help cover the skyrocketing cost of groceries for families in New York. It's YOUR tax dollars and better to be returned & spent by YOU directly," Smith added. "The same people who stuck New Yorkers with the highest taxes and fees in the nation now want to give a tiny fraction of it back," said Assemblyman Joe DeStefano. "How about instead they support some of the Republican bills to cut taxes and fight inflation?" Hochul says this is just one of many proposals she will make in her State of the State to address the high cost of living for 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," Governor Hochul said. "My agenda for the coming year will be laser-focused on putting money back in your pockets, and that starts with proposing Inflation Refund checks of up to $500 to help millions of hard-working New Yorkers. It's simple: the cost of living is still too damn high, and New Yorkers deserve a break."

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Hochul Proposes Tax Rebate for 8.6 million New Yorkers – over 1.3 million Long Islanders