New York State To Pay US$3 Bln In First-ever Inflation Refunds

NEW YORK, Jan 16 (Bernama-Xinhua) -- New York State Governor Kathy Hochul proposed a series of policies to bolster residents' livelihoods on Tuesday, including a direct US$3 billion payment to 8.6 million New Yorkers through the first inflation refund, reported Xinhua.

Through the rebate, joint taxpayers with annual incomes of US$300,000 or less will receive a subsidy of US$500 and all single taxpayers with annual incomes of US$150,000 or less will receive US$300 in the programme.

Hochul outlined more than 200 initiatives in her 2025 State of the State address. Highlights also include lowering middle-class taxes to their lowest levels in nearly 70 years and increasing the child tax credit.

The State of the State address is a speech released by the governor, usually at the beginning of each year, to report statewide conditions and propose new policies.

These initiatives "will put money back in people's pockets, keep New Yorkers safe and ensure the future of New York is a place where all families can thrive," according to Hochul.

The Consumer Price Index for All Urban Consumers (CPI-U) for all commodities in the New York area has risen 4.3 per cent over the past 12 months, according to the data US Bureau of Labour Statistics released in December 2024.

Factors contributing to inflation include increases in food and gasoline prices. A bird flu outbreak has caused egg shortages and elevated prices. The US Department of Agriculture estimated that egg average prices in New York State would remain high in the early part of 2025.

Oil prices have risen seasonally, and the anti-pollution bill Hochul newly approved, which requires oil, gas, and coal companies to pay the state as much as US$75 billion in carbon emission fees, reinforces concerns that gas prices will continue to rise.

New York State will hold the next gubernatorial election in November 2026. Hochul has already said she will run for re-election. 

--BERNAMA-XINHUA