New York's recently approved $254 billion budget is the largest in the stateâs history, surpassing Governor Hochul's initial proposal. The budget does not raise personal income taxes but introduces higher taxes for large businesses to support the Metropolitan Transportation Authority. Middle-income families will benefit from small tax rate cuts and increased child tax credits. Residents will receive a one-time inflation rebate, but significant proposals like zoning reform were ignored. The budget process faced criticism for its opaqueness and rushed nature, sidelining critical discussions.
The budget negotiations drew ire from legislators and advocates, with criticism aimed at Governor Kathy Hochul for running roughshod over legislative procedures.
The final budget avoids raising personal income taxes but increases taxes on large NYC businesses to finance the MTA's major capital plan.
Despite being the largest budget in state history, some key proposals like zoning reform and the NY HEAT Act were left out.
The budget provides approximately $150-$400 in one-time inflation rebate checks to residents, while increasing the child tax credit for parents of young children.
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