Hochul Unveils NY Budget Plan With No Income Tax Hikes (2)

New York Gov. Kathy Hochul (D) unveiled a $260 billion budget plan Tuesday without any proposed increases to the state’s personal income and corporate tax rates.

Hochul’s budget proposal got a boost from Wall Street and New York’s top earners, with the state’s Division of Budget anticipating $9.5 billion in extra tax receipts in the current fiscal year and the next, buoyed by stock market gains, slower-than-expected tariff impacts, and higher incomes and bonuses.

The strong tax collections eliminated a projected $4.2 billion budget gap for the next fiscal year and will fund new free child care initiatives across the ...