How The 2027 New York State Budget Impacts New Yorkers

Gov. Kathy Hochul just released her massive budget. Here's how it's going to change things for most New Yorkers.

New York Governor Kathy Hochul is proposing a record $260 billion state budget for the upcoming fiscal year.

New York State Releases Record Budget

Hochul says the massive budget doesn't involve asking everyday New Yorkers to pay more.

According to Hochul's office, the budget is:

Built to protect taxpayers and New York’s economic growth, while preparing for uncertainty from Washington, the Governor’s budget funds a path to universal child care and makes historic investments in health care, affordable housing and infrastructure without asking New Yorkers to pay more.

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How The New York State Budget Impacts You

During her budget address on Tuesday, Hochul outlined spending on multiple initiatives, including increasing access to child care, boosting mental health services, plus improving housing and much more.

"Every dollar in this year’s budget is being put to work to fight for families,” Governor Hochul said. “While Washington tries to break our budget, we are making smart investments, protecting taxpayers and committing to delivering the services New Yorkers need most. Your family–and your future–is my fight. Together, with my partners in the Legislature, we will protect New York’s future and ensure it remains the best place in the nation to raise a family," Hochul stated. '

No Income Taxes

Hochul says that there are no income taxes on New Yorkers and that her "budget includes $14.6 billion in reserves and maintains the state’s AA+ credit rating—the best since 1972."

The Governor said a three-year extension of the 7.25% corporate tax rate on companies earning more than $5 million-dollars a year will help pay for programs like universal childcare and investments in infrastructure and affordable housing.

All of the governor's plans need approval from the State Legislature, where Democrats have the majority. The deadline to get a deal done on-time is April 1st.

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