New York Budget

Gov. Kathy Hochul’s $237 billion budget, the largest ever, passed last month after the start of the April 1 fiscal year. And New York keeps on spending and spending. The spending plan is a 3.5 percent increase from last year’s $229 billion budget, and a 34 percent increase from the $175 billion budget passed in 2020. But, as Hochul touted, income and statewide business tax rates were not increased to cover the spending surge; it was covered through unexpected increases in tax revenue. Fill out the form to access the full Pro Issue Analysis.