New York Budget Proposes Resident Tax Relief

New York Governor Kathy Hochul’s record-setting budget proposal could mean more money in the household budget for thousands of New Yorkers.

The proposed $216-bllion ledger includes a new property tax relief credit to low and middle-income and eligible senior households.

Hochul says she wants to accelerate the eight-year phase-in of the personal income tax cut to 6.1 million residents that first began in 2018 and is currently scheduled to be complete next year.  The new governor says she wants to create the Homeowner Tax Rebate Credit that could provide close to $970-million to over 2-million households outside of New York City in the form of an advanced credit instead of being claimed when tax returns are filed.

New York State’s top fiscal officer says he’s optimistic about Hochul’s budget plans.

Fellow Democrat, Comptroller Thomas DiNapoli issued a statement saying the proposal looks to meet many challenges in the state while recognizing the need to maintain “long-term structural budget balance.”

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The State’s bottom line is being helped by revenues ahead of projections fueled by recent increased taxes on the wealthy.

The State Legislature will review the budget plan and possibly make changes before a final spending plan is due at the start of the fiscal year, April 1.