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

New York Governor Kathy Hochul has unveiled an ambitious budget proposal to provide significant tax relief to the middle class and small businesses and substantial investments in various state programs.

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.