New York Legislature Advances Income and Corporate Tax Hikes

New York’s highest earners and large corporations would see an increase in tax rates, while managed care organizations would have to pay a new tax under budget resolutions approved Thursday by the state Senate and Assembly.

The resolutions signify the legislature’s spending and policy priorities ahead of the April 1 budget deadline, but also set the state legislature’s Democratic supermajorities at odds with Gov. Kathy Hochul (D), who has called raising income taxes a “nonstarter.”

New York has one of the highest state and local tax burdens and elected officials are sensitive about making adjustments that could push residents to ...