New York Governor Kathy Hochul proposed a $252 billion budget, including a five-year extension of the millionaire’s tax, with rates up to 10.9% for those earning over $25m annually. This extension aims to fund tax cuts for joint filers, expand child tax credits, and offset potential federal SALT cap changes. The budget also includes $1b over five years for housing, $50m for mixed-income rental housing loans, and $100m for infrastructure in pro-housing communities. Critics, including REBNY, called the tax extension counterproductive, while others questioned the budget’s 10% spending increase. Negotiations with the legislature will refine the plan.
New York Governor Kathy Hochul
