Taxpayers in New York could receive $500 refund checks next year, as part of Gov. Kathy Hochul’s first official proposal to combat the cost of living in 2025.

The “Inflation Refund” — the first ever in the state — would send $3 billion back into the pockets of 8.6 million of the state’s taxpayers next year, the governor said unveiling the proposal expected to be outlined in her upcoming State of the State address.

Single taxpayers who earn up to $150,000 per year would receive refund checks for $300 next year, while joint filers who make up to $300,000 annually would collect $500, according to the plan.