Hochul's bold plan aims to revitalize NY: Tax relief and infrastructure in focus

Tax Relief Initiatives The plan includes a multi-faceted approach to tax relief:

• Middle-Class and Small Business Tax Relief: Proposals to increase the minor business income tax modification and extend tax credits to businesses for COVID-19-related expenses. The plan aims to support over 6.1 million New Yorkers and 195,000 small businesses.
• Homeowner Tax Rebate Credit: A new property tax relief credit is proposed, benefiting homeowners in New York, with an average benefit outside New York City being nearly $970.

Infrastructure and Education Investments

• The budget allocates $32.8 billion for a five-year DOT capital plan, focusing on major infrastructure projects.
• Education receives a significant boost with $1.5 billion for SUNY and CUNY, aiming to transform these into top public higher education systems in the nation.

Child Care and Environmental Initiatives

• An increase in childcare subsidy eligibility is planned, with $535 million allocated annually, benefiting 400,000 children.
• The budget also includes a $4 billion Clean Water, Clean Air, and Green Jobs Environmental Bond Act, focusing on environmental restoration and climate change mitigation projects.

Governor Hochul's budget represents a comprehensive approach to tax relief, infrastructure, education, child care, and environmental initiatives, underscoring her commitment to making New York more affordable and sustainable.