Mamdani and Menin urge tax credit cut to address NYC budget gap, Hochul rejects plan
Updated
Updated · POLITICO · Apr 28
Mamdani and Menin urge tax credit cut to address NYC budget gap, Hochul rejects plan
2 articles · Updated · POLITICO · Apr 28
Mayor Zohran Mamdani and Council Speaker Julie Menin jointly proposed reducing the Pass-Through Entity Tax credit, aiming to raise $1 billion for New York City, but Governor Kathy Hochul immediately dismissed the proposal.
Their rare alliance leaves the city without a clear solution for its multibillion-dollar deficit, as Hochul's opposition blocks the main revenue plan and delays the executive budget proposal release until May 12.
The standoff complicates ongoing state budget negotiations, with political implications for Hochul's reelection bid and continued uncertainty over city finances as the July 1 budget deadline approaches.
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