Summary
New York Governor Kathy Hochul announced her budget plans for fiscal year 2027, totaling $260 billion. The budget will not increase income taxes but plans to invest in public services like housing, health care, and education. It includes efforts to address budget gaps and tax reforms but faces potential opposition for not increasing taxes on the wealthy.
Key Facts
- The budget for fiscal year 2027 is $260 billion.
- Revenue is expected to increase by 9.9% without raising income taxes.
- The budget will eliminate state income tax on tipped wages up to $25,000.
- Changes to the Child and Dependent Care Credit are proposed to make it more affordable.
- A $25 billion plan aims to create 100,000 affordable homes across New York.
- $100 million is allocated for a new homeownership program using pre-fabricated technologies.
- The budget includes $153 million for homelessness and housing support.
- The top corporate tax rate of 7.25% will be extended for three more years.
