Kathy Hochul unveils record $216 billion budget plan for NY

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The proposed property tax credit would apply to low- and middle-income homeowners and certain senior taxpayers. In New York, an average benefit of about $425 would apply to 479,000 households, while more than two million households outside the city would receive an average benefit of about $970.

The state budget often becomes a vessel for enacting a series of nonfiscal priorities that might be politically more difficult for individual legislators to pass. Ms. Hochul’s proposal, for example, would extend the mayor’s control over the New York City school system for another four years and introduce a constitutional amendment to impose term limits on elected state officials, including governors. .

Still, some tax experts have criticized Ms. Hochul for not offering more tax cuts as a way to stem the state’s long-term population loss, raising concerns that it could hurt the tax base. state tax.

“This is a missed opportunity to provide a clear signal that New York is serious about making its tax rates more competitive with the states people are migrating to,” said Peter Warren, research director at the Empire Center, a conservative-leaning think tank. .

Ms. Hochul’s proposal has also been criticized by one of her Democratic challengers, Jumaane Williams, the New York City public attorney running on her left, for not including additional tax increases. for the rich. He said Ms. Hochul was counting on “a one-time infusion of federal money to fund a series of temporary solutions to problems that won’t go away.”

The budget proposal paved the way for three new casinos in New York State, likely in the downstate. This decision, which speeds up the existing process by a year, could bring significant revenue to the State.

The largest expenditures were the large investments in education and health care, the main components of the state budget. The state predicted it would spend $31.3 billion on school aid — a record number, which includes a 7% increase from last year. Medicaid spending will increase by more than 6%, to a projected total of $26.5 billion.

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