Corporate Tax, Climate Differences Threaten to Delay NY Budget

New York lawmakers will miss the April 1 budget deadline as the Senate and Assembly Democratic majorities negotiate with Gov. Kathy Hochul (D) on taxes, climate, and rising auto insurance premiums.

The legislature must pass a budget extender Tuesday to keep the government funded as lawmakers weigh Hochul’s policy priorities and how to support financially-strapped municipalities like New York City, which is facing an estimated $5.4 billion deficit in fiscal 2027. New York state also has a projected cumulative $27.5 billion budget gap by 2030, according to an estimate from the comptroller’s office.

Hochul has called for easing the state’s ...