Governor Hochul’s Budget Proposal Contains $1.2 Billion Tax Cut For Middle Class

Governor Kathy Hochul presented her budget proposal for the 2023 fiscal year on Tuesday.

The balanced budget totals $216 billion dollars and increases spending by 3.1 percent.

Hochul says $2 billion will be used for pandemic recovery initiatives.

The budget will also invest $10 billion in healthcare, the largest investment in state history.

It includes more than $4 billion to support wages and bonuses for healthcare workers

 

"We have the means to immediately respond to the COVID-19 pandemic as well as embrace this once-in-a-generation opportunity for the future with a historic level of funding that is both socially responsible and fiscally prudent," Governor Hochul said. "As I said in my State of the State speech: It's time for a better, fairer, and more inclusive version of the American Dream. I'm calling it the New York Dream. We will make that New York Dream real - and ensure that it can be realized by every single New Yorker."

Other budget highlights include:

• A $224 million investment into programs that will reduce gun violence.
• A $25 million, five-year housing plan
• $31 billion in aid for schools, the highest level of state aid ever
• A $32.8 billion capital plan for roads and bridges
• $1.5 billion more for SUNY and CUNY schools over five years

Lawmakers must pass a budget by April 1.