Governor Hochul: “As New York's first mom Governor, I know the stress parents feel intuitively - in my bones, I feel it. And that's why I am so committed to helping New York families in any way possible - make your lives better in real, tangible ways. Putting money back in your pocket and in those of millions of hard working New Yorkers.”

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

Earlier today, Governor Kathy Hochul delivered her first proposal from the 2025 State of the State affordability agenda, and announced New York State’s first-ever Inflation Refund, which would deliver about $3 billion in direct payments to around 8.6 million New York taxpayers statewide in 2025. This new refund would send a payment 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. Today’s announcement is one of several proposals to help address the cost of living that will be unveiled as part of the Governor’s upcoming State of the State.

VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

AUDIO: The Governor’s remarks are available in audio form here.

PHOTOS: The Governor’s Flickr page has photos of the event here.

A rush transcript of the Governor’s remarks is available below:

?On my first day as your Governor, I swore I would fight for New Yorkers every single day. Putting money back in your pockets has been the focus of my first three Budgets, and that will never change. Today marks the next chapter in my fight to make New York more affordable and directly help you and your families.

Now I know that many of you feel you're falling further and further behind, right? It's a scary feeling. The truth is, the last few years have been really, really tough for people. It's stressful. Sometimes, it's just so damn hard to make ends meet. You didn't do anything wrong - you followed the rules, you work hard, and yet, ever since COVID, it seems like the prices of everything keep going up and up and up.

Every trip to the grocery store is more challenging, more frightening than the last, and we're here today because we have a great team of individuals - you're going to be hearing from them - as we talk about how we're going to make sure we work together in government. You heard our elected leaders announce.

We're going to be hearing from clergy, elected leaders, all of us working together, because even if you look at the prices of groceries from COVID - a gallon of milk is a dollar more than it was then, dozen eggs has doubled. Pound of hamburger? And I grew up eating a lot of Hamburger Helper as a kid - it was like $3.50, $3.80, $3.50 back then, it's $5.58 today. Diapers are up 48 percent. It all adds up fast, especially when you have small kids. And I vividly remember, when I had two little ones, both in diapers - formula. I remember telling my husband, when our kids grow out of diapers and formula, we're going to be rich. Right? That's money back in your pockets. And, if you're a senior citizen on fixed income, every little purchase you have to think about - and you realize it's not the retirement that you expected, because money is so tight.

Growing up in a working-class family, I know that feeling of just not getting ahead. As a kid, I was embarrassed when my mother took us to used clothing stores. My mom also would take us to these discount stores and we didn't go home with our clothes, she put them on LayAway - and she'd go every week to put a few more dollars down, until someday she could bring home the clothes for her six kids.

I remember that like it was yesterday. And to feed a family of eight, Mom would go to this other discount store that sold day-old and week-old bread and stale Twinkies, and put them in our freezer so we could have them week after week. She bought them all at a great discount.

Fried spam sandwiches and tuna casseroles were seen all too often at our dinner table - I didn't like either one of them. But as my own family was starting out, we had our own challenges. My husband and I were public servants, we wanted to serve the community. We didn't make a lot at first. And when kids came and I couldn't afford child care, couldn't find something available for us, I left that job.

We really had a stretch then. Like many of you, I clipped the coupons. I used to go out to a big discount grocery store and load up two big shopping carts. Those giant packs of diapers, and toilet paper, and paper towels and cereal - these big cartons, trying to find a place to store them. And I was praying it would last the month, because I knew I could not go back there with that shopping cart for another month.

Kids sneakers got tighter, clothes seem to shrink every day, and I - like many of you - dreaded those bills coming in the mail every month. Now my husband and I, we are blessed and we are so fortunate now, but I never forgot where I came from and how hard life can seem sometimes, especially this time of year. Right, parents? Your kids are seeing all the great toys that they want, and you have that pit in your stomach because you know that Santa's not going to be able to bring that for them this year and they'll be disappointed. I know what that's like.

Now we're told inflation is getting better, it's supposedly coming down. But let me ask this question, do any of you feel like you have more money in your pockets today?

[...]

No? No, I didn't think so. I didn't think so. And that's not what I heard when I was doing back-to-school shopping at Target with Melissa Anderson and her nine-year-old twins. Even her kids knew, as I watched them pick out the backpacks off the shelves - one was $39 and one was $79 - and the little nine-year-old told his brother, “Put down the more expensive one, you know mom can't afford that,” and they grabbed the cheap ones. Already embedded in them is that they can't have something that others have and they're just kids - broke my heart. I was glad we were able to help them with a program to help back-to-school shopping, but it was still really hard.

So I will say this, as New York's first mom Governor, I know the stress parents feel intuitively - in my bones, I feel it. And that's why I am so committed to helping New York families in any way possible - make your lives better in real, tangible ways. Putting money back in your pocket and in those of millions of hard working New Yorkers.

And that is why today, I'm announcing New York's first-ever inflation rebate - billions of dollars going back in the pockets of hardworking New Yorkers. Now, how are we doing that? How are we doing that? Listen up. Now the past three years, New Yorkers, because the price of everything has gone up, you've had to pay more in sales tax than even my budget director who's sitting right there expected. Right, Blake? Okay. You got to let it go, okay? You got to let it go.

Prices go up, more sales tax is collected because the price of everything was up. Now I'll tell you right now, I'm sure there are some elected officials or some special interest groups will weigh in and say, “Oh, I know how that extra money should be spent, that one-time extra sales tax revenue spent,” but here's my message: I'm on your side. I believe that this extra inflation-driven sales tax revenue shouldn't be spent by the state. It's your money, and it should be back in your pockets.

Back in your pockets. There you go. Show you the money, show you the money. This will help with your expenses to buy the groceries for your family. Here's what I'm proposing in my Budget next month: That we will send you a check to buy your groceries for a month or whatever you want to spend it on. And if you're an individual earning up to $150,000 a year, it's $300. What does that look like?

[...]

Alright, how about that? More individuals.

Now, if you're filing jointly and you have a family, you need a little more, right? Families are expensive. How about this? Five hundred dollars. Five hundred dollars for families earning less than $300,000 because I know life in New York City is expensive and your salaries may sound nice, but they don't go very far. This is a one time $3 billion surplus that I believe should be returned to 8.6 million households across New York later this year.

First, I have to work with the Legislature and win their support in the budget. You think we can do that? I think we can do that. And for some families, that $500 can mean a month's worth of groceries. For seniors on fixed income, you can sit there at least a couple times and not say medicine or a heating bill. For a young person starting out and they've got student loan debt, or the high cost of rent - that could just help them a little bit. I say it's your money, it belongs in your pocket and it's coming your way.

So, leading up to my State of the State address in January - you're all invited - I'll be outlining even more strategies to make New York more affordable. And once again, I'll keep talking about what we need to do to help New York families thrive and how we're going to stand up for the children of this state.

Now as Governor of this great state, I will never stop finding ways to reduce the financial stress that I once knew as well. I think a lot about working moms and dads in this state. I think about our health care workers, our bus drivers, our conductors, the laborers, the restaurant and hotel workers, the first responders, the teachers - we all depend on them, and I want them to be able to stay here. I don't want people to leave because they can't afford to live in this great state where they started. That would be a travesty.

I also think a lot about our seniors. I think about the faces of my very poor immigrant grandparents. Both of them worked in factories - Grandma and Grandpa worked in factories and supported their family of ten, and had a later struggle in their twilight years when they should have just had an easier go of it.

And I'm thinking about all of you living here in Co-op City. This tight knit community where people work hard every day and they look out for each other. I want you to believe in your state again, like I do - believe that New York is a place where your effort pays off, where people can get ahead, not just get by. Where parents can focus on their kids instead of the bills - unless it's the Buffalo Bills. Don't mention yesterday's game, it was a little rough.

But I want people to grow up in the communities they were born in and raised in so they can raise their own families there. I want students to afford an education without being crushed by debt, because your dreams are my dreams. This proposed $3 billion inflation rebate is historic, not only because it hasn't been done in New York before - I don't know if it's been done anywhere - but also because it signifies what's possible.

I will continue to find creative ways to let you know I understand your struggles, but I also understand your hopes and your dreams, and will help you along the way. Because New Yorkers, your dreams are my dreams. Whether you live in a small town with holiday lights, down the main streets, or you live in one of the great, incredible urban neighborhoods like Co-op City, know that I never have and never will stop fighting for you and your family every single day.

Thank you so much. Thank you.