New York’s $220 Billion Election-Year Budget Is Stuffed With Tax Breaks
- Deal includes $2.2 billion homeowner tax rebate for homeowners
- New Yorkers to save 16 cents a gallon in fuel tax suspension
New York Governor Kathy Hochul
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
New York Governor Kathy Hochul and legislative leaders on Thursday struck a $220 billion budget deal that promises a little less pain at the pump, help for working parents, and new tax breaks.
Buoyed by more than $26 billion in pandemic recovery money and higher-than-anticipated tax collections, the Democratic leaders agreed to forgo $162 million in revenue by accelerating a scheduled reduction in personal income tax rates.