City and state budgets are on a collision course: No one knows exactly where they will meet.
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| Title: | City and state budgets are on a collision course: No one knows exactly where they will meet. |
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| Authors: | Grieve, Jack (AUTHOR) |
| Source: | Crain's New York Business. 5/11/2026, Vol. 42 Issue 18, p1-1. 1p. |
| Subjects: | Budget, Hochul, Kathy, 1958-, Fiscal policy, U.S. state budgets, Parliamentary practice, Public spending, Public finance, Subsidies, Budget deficits |
| Geographic Terms: | New York (State), New York (N.Y.) |
| Abstract: | The article focuses on the ongoing budget negotiations between New York Governor Kathy Hochul, the state Legislature, and New York City officials, including Mayor Zohran Mamdani. Despite Hochul’s announcement of a $268 billion state budget plan and claims of a "conceptual agreement," key lawmakers and Mamdani assert that no final deal has been reached. The state Legislature approved a 10th budget extension, delaying the deadline to May 11, while the city postponed its budget presentation to May 12 amid uncertainty over additional state funding to address New York City’s $5.4 billion deficit. The proposed state budget includes increased aid to the city, new taxes such as a pied-à-terre levy, and measures on childcare, car insurance, environmental regulations, and immigration enforcement, but some city priorities, like changes to the pass-through-entity tax and higher income taxes on the wealthy, remain unresolved. [Extracted from the article] |
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| Database: | Regional Business News |
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| Abstract: | The article focuses on the ongoing budget negotiations between New York Governor Kathy Hochul, the state Legislature, and New York City officials, including Mayor Zohran Mamdani. Despite Hochul’s announcement of a $268 billion state budget plan and claims of a "conceptual agreement," key lawmakers and Mamdani assert that no final deal has been reached. The state Legislature approved a 10th budget extension, delaying the deadline to May 11, while the city postponed its budget presentation to May 12 amid uncertainty over additional state funding to address New York City’s $5.4 billion deficit. The proposed state budget includes increased aid to the city, new taxes such as a pied-à-terre levy, and measures on childcare, car insurance, environmental regulations, and immigration enforcement, but some city priorities, like changes to the pass-through-entity tax and higher income taxes on the wealthy, remain unresolved. [Extracted from the article] |
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| ISSN: | 8756789X |
