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NYC Leaders Push to Trim Millionaire Tax Credit to Balance City Budget

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Source: Politico
TL;DR Summary

New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin joined to urge Gov. Hochul and Albany to scale back the Pass-Through Entity Tax (PTET) credit that largely benefits millionaires, hoping to raise about $1 billion to help close NYC's budget gap; Hochul rejected the change, complicating the city's budget process amid delayed state spending and ongoing negotiations.

Topics:nation#julie-menin#millionaire-tax#new-york-city-budget#pass-through-entity-tax#politics#zohran-mamdani
Share this article
  1. In unusual alliance, Mamdani and Menin press Hochul to reduce a tax credit benefitting millionaires  Politico
  2. ‘Crisis of historic magnitude': Mamdani says State should help with multi-billion budget gap  NBC New York
  3. Mamdani Pushes to Shrink NY Hedge-Fund, Private-Equity Tax Break  Bloomberg.com
  4. Mamdani and Menin pressure Hochul for another tax on the rich  Gothamist
  5. New York City extends executive budget deadline to May 12  ABC7 New York

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