ALBANY, NY (607NewsNow) – Governor Kathy Hochul wants to help the middle class.

Hochul announced on Monday her intention to propose a first-ever inflation refund check for about 8.6 million New Yorkers after the state saw a large increase in sales tax revenues this year. Under the proposal, single taxpayers making $150,000 or less would receive $300, and families making $300,000 or less would receive $500.

“Because of inflation, New York has generated unprecedented revenues through the sales tax – now, we’re returning that cash back to middle-class families,” said Hochul. “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 one of several proposals relevant to the cost of living in the Governor’s upcoming State of the State address.

If the proposal passes in the New York State Legislature, one-time direct payments will begin in the fall of 2025. An estimated 603,000 Southern Tier and Central New York residents would receive checks.