Historic Budget: New Rules Will Save ‘Millions’ in New York Money
A number of changes are coming to the Empire State which is expected to provide "tax relief for millions of New Yorkers."
Over the weekend, New York Gov. Kathy Hochul highlighted her historic fiscal year 2023 Budget.
The budget creates 13 major changes for Empire State residents, you can see those changes below.
New York Plans To Deliver Tax Relief to Millions
Among the new items in the state budget is multiple tax relief investments, according to Hochul.
The budget includes tax relief for the middle class, small businesses, and homeowners to provide more cash for working families across the State.
"This Budget provides much-needed tax relief for thousands of small businesses and millions of New Yorkers and reduces the tax burden for those who need it most," Hochul stated. "In a post-COVID-19 era, New Yorkers will recover from the pandemic and lead the nation in an economic resurgence, and I applaud the legislative leaders for their collaboration to help ensure this historic budget leaves no one behind."
Key Budget victories include relief from the state taxes on motor fuels as New Yorkers face rising energy prices, accelerating the implementation of the middle-class tax cut, creating a tax credit for small businesses' COVID-19 related expenses, providing small business tax relief and a homeowner tax rebate credit, according to Hochul.
Bold Changes For New York
The deal calls for $220 billion in spending which is $4 billion more than what Hochul proposed earlier this year.
"This bold and fiscally responsible plan makes historic investments in communities across the State that will bring relief to New Yorkers recovering from the pandemic and launch New York's economic comeback," Gov. Hochul's office stated in a press release.
13 Major Changes Coming To New York State
The historic budget makes investments in education, infrastructure, gas, bars, public safety and more including: