NY’s Corporate Tax, Incentives to Get Scrutiny in Budget Talks

Tax hikes on major corporations and a crackdown on business tax incentives will be on the table for the upcoming fiscal year’s budget negotiations, with the state facing an uncertain financial future.

The state is projected to close this fiscal year March 31 with a budget surplus, thanks to stronger-than-expected tax revenue, giving Gov. Kathy Hochul (D) room to pursue affordability measures like her promised $3 billion in income tax rebates for middle-income earners.

But key lawmakers say revenue raisers will still be part of the conversation, as the state braces for multibillion-dollar budget gaps in future years amid concerns ...