STATEN ISLAND, N.Y. -- Millions of New Yorkers could soon receive a check for hundreds of dollars courtesy of a new proposal from the state’s top elected official.

On Monday, Gov. Kathy Hochul announced a proposal to issue New York’s first ever Inflation Refund check, which would provide roughly $3 billion in payments to tax-paying New Yorkers.

Under the proposal, which is the first of several expected to be announced in the coming weeks as part of the governor’s 2025 State of the State, New Yorkers earning up to $150,000 per year would receive a $300 check, while families making up to $300,000 per year would receive a $500 check.

“Because of inflation, New York has generated unprecedented revenues through the sales tax — now, we’re returning that cash back to middle class families,” Hochul said. “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 simple: the cost of living is still too damn high, and New Yorkers deserve a break.”

The one-time payments are expected to reach 8.6 million New Yorkers, including roughly 3.6 million living in New York City, according to the governor’s office.

The checks will be issued using excess sales tax revenue, with the state experiencing historic growth in sales tax revenues in recent years due to high rates of inflation.

If approved by the state legislature, the payments are expected to be issued in Fall 2025.

“One thing all New Yorkers can agree on is the cost of living is too high. Governor Hochul’s proposal for a new Inflation Refund represents the kind of thinking we need to help make it easier for New Yorkers to live, work, and raise a family in our state,” said NYS Public Employees Federation President Wayne Spence.

The Inflation Refund check proposal is the latest in a long line of efforts by Hochul to address cost of living concerns in the state, with the governor having already delivered more than $5.5 billion in supplemental payments, tax relief and rebates during her time in office.

Those efforts include an expanded child tax credit and tuition assistance program, the nation’s first-ever prenatal paid leave, $4 billion in tax relief for middle-class New Yorkers, $600 million in gas tax relief, $200 million in food assistance for low-income children and more.

“Governor Hochul’s proposal is a much-needed, bold step toward easing the financial burdens faced by New Yorkers. There are tough conversations happening at kitchen tables all across New York, and this initiative aims to lighten those conversations while reflecting a deep understanding of the challenges our residents face and a commitment to ensuring economic relief reaches every corner of the state,” said Westchester County Executive George Latimer.