Tax & Budgets
The New York Legislature’s Budget Includes Multiple Tax Hikes — Here’s What’s In It
March 28, 2024 | Ryan Maness
The New York legislative chambers released their “one house” amendments to the state budget to counter the opening bid that Governor Kathy Hochul (D) presented with her January executive budget. Governor Hochul was clear that she did not want to raise taxes this year to address the state’s deficit, but the legislature is seeking to raise billions to close the budget gap. New York splits their budget up into several different bills that affect different policy areas (transportation, health, housing, etc.) and the major tax policy provisions are in AB 8809 / SB 8309. Included in these are several major tax changes, including increases to the corporate franchise tax and personal income tax on upper-income earners and several changes to various credits and exemptions. New York’s fiscal year ends on March 30, but the Hochul administration does not have a record of enacting an on-time budget.