New York Gov. Kathy Hochul on Tuesday announced the state’s first-ever “inflation refund,” a one-time payment to eligible residents.
Hochul said during a news conference that inflation has driven up costs for New Yorkers, and they should get that money back. The funding, according to the governor, will come from the money the state collected in higher sales taxes because of inflation.
“We collected more in sales tax as a result. Unanticipated revenue. I said, this can go into the state coffers, but why not give it to the residents whose pockets it came out of? They paid more than they ever expected. That’s the whole idea behind an inflation refund.”…