New Yorkers won’t see an income tax increase under Gov. Kathy Hochul’s proposed $260 billion state budget, according to WHAM.
The plan avoids raising income taxes but extends the higher 7.25% corporate tax rate for three more years. Hochul also pitches big spending on child care, education, housing, and mental health, including $4.5 billion for child care and pre-K and $25 billion to build or preserve 100,000 affordable homes.
The proposal eliminates income taxes on tipped wages, adds taxes on alternative nicotine products, and expands teen mental health training statewide. Lawmakers will now review the budget ahead of the April 1 fiscal deadline.
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