Both chambers of the state Legislature agree on increasing taxes on the wealthiest New Yorkers and corporations, which Gov. Kathy Hochul has said she will not support.<\/p>\n
The one-house budget resolutions could raise roughly $5 billion more for the city through a mix of taxes and other state aid.<\/p>\n
Mayor Zohran Mamdani, who has made tax increases on the wealthiest a signature proposal, said he agrees with the move.<\/p>\n
Though their proposed tax increases are smaller than Mamdani’s, they are both calling to raise a variety of taxes, including the personal income tax and the state’s top corporate tax rate.<\/p>\n
Assembly Democrats want to raise $2 billion by hiking rates on individuals who make more than $5 million a year, $1.9 billion from corporations and $95 million from a “crypto mining facility tax.”<\/p>\n
Senate Democrats want to raise $5.2 billion in revenue through an income tax hike on top earners and an end to tax breaks for climate polluters.<\/p>\n
The Assembly is also proposing a two-year moratorium on gas and electric rate hikes and utility rebate checks of up to $500.<\/p>\n
The Senate’s plan includes increases in school aid for districts with large numbers of homeless students or children not fluent in English. It would also amend the rules regulating social media’s treatment of minors to end exemptions for gaming platforms.<\/p>\n
Both houses are planning to pass resolutions in support of their budget proposals Thursday, and the budget must be completed by March 31.<\/p>\n
Negotiations will now start between Senate Majority Leader Andrea Stewart-Cousins, Assembly Speaker Carl Heastie and Gov. Hochul, who released her roughly $260 billion preliminary executive budget in January.<\/p>\n
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