Mamdani and Menin extend NYC budget deadline and propose tax credit change
Updated
Updated · The New York Times · May 1
Mamdani and Menin extend NYC budget deadline and propose tax credit change
3 articles · Updated · The New York Times · May 1
The mayor and City Council speaker delayed the executive budget release to 12 May and said altering the Pass Through Entity Tax could raise up to $1bn annually.
They urged Governor Kathy Hochul to provide more state aid to help close the city's projected $5.4bn deficit through the next fiscal year.
Hochul rejected the appeal, citing state support including childcare, cash assistance and a new tax on second homes, as New York state's own budget remains nearly a month late.
How can New York City realistically close its $5.4 billion deficit if the state refuses further aid and tax hikes risk outmigration?
If NYC’s PTET credit cuts mostly impact millionaires, will this drive more high-earners to leave, worsening the city’s tax base?