N.Y.’s $220 Billion Election-Year Budget Stuffed With Tax Breaks

New York Governor Kathy Hochul and legislative leaders on Thursday struck a $220 billion budget deal that promises a little less pain at the pump, help for working parents, and new tax breaks.

Buoyed by more than $26 billion in pandemic recovery money and higher-than-anticipated tax collections, the Democratic leaders agreed to forgo $162 million in revenue by accelerating a scheduled reduction in personal income tax rates.

They also decided on a $2.2 billion homeowner tax rebate; a six-month suspension of the state’s fuel tax that will save New Yorkers 16 cents a gallon; and $287 million in child tax ...