ALBANY, N.Y. (AP) — New Yorkers could get “Inflation Refund” checks of up to $500 from the state government next year under a proposal Gov. Kathy Hochul announced Monday.

The plan, which must first be approved by state lawmakers, would send out one-time payments of $300 to people who earn less than $150,000 and $500 to families making less than $300,000.

Hochul, a Democrat, is floating the idea as part of her agenda for the upcoming state legislative session that begins in January. Payments would start going out to residents in the fall if the plan makes it though the Legislature.

The proposal would be funded by a pool of excess sales tax revenues that have been mostly generated through inflation's effect on consumer goods, according to the governor's office.

“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,” the governor said a news conference in the Bronx.

The $3 billion in payments would go out to about 8.6 million people in the state. New Yorkers who filed tax returns would be eligible for the program.