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The state has amassed a $3 billion surplus in sales tax revenue, according to Hochul. Instead of spending that on state operations, she wants to return it to New Yorkers. 

Individuals who earn up to $150,000 would receive $300 checks, while families earning up to $300,000 would get $500.

About 8.6 million New Yorkers would receive the rebate, Hochul said. An estimated 340,000 central New York residents would get the checks. 

"I believe that this extra inflation-driven sales tax revenue shouldn't be spent by the state," Hochul said. "It's your money and it should be back in your pockets." 

Inflation led to increasing prices on many goods, including food. The Bureau of Labor Statistics reported that the consumer price index for food at home, which includes groceries, increased by 24.7% from March 2020 to March 2024. 

Hochul noted the cost of important household items, from eggs to milk, is still up. The price of diapers has increased 48% since the pandemic. 

The proposal, which is part of Hochul's affordability agenda and will be in her 2025-26 budget plan, is backed by several organizations, including the United Way of New York City and labor groups. 

"Too many working people struggle to survive in today's economy and in a world of gross inequality," said Stuart Applebaum, president of the Retail, Wholesale and Department Store Union. "This announcement will provide necessary financial assistance for many working people across our state, and we fully support it." 

If it's approved by the state Legislature, the checks will be distributed in fall 2025.