Hochul’s $229 Billion New York Budget Deal Boosts Wages, Taxes

New York Governor Kathy Hochul announced late Thursday a “conceptual agreement” on a $229 billion state budget after nearly a month of stalemate.

Under the new plan the governor reached with the legislative leaders, the minimum wage will be raised to $16 an hour in New York City in 2024, the payroll taxes on the city’s businesses will be increased to pay for the Metropolitan Transportation Authority’s budget deficits and the state’s controversial bail reform laws will be revised.

The details of the plan are still being fine-tuned, and the budget won’t be finalized until lawmakers return to Albany to ...