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New York Lawmakers Weigh Corporate Tax Hike Amid Deficit

3/31/2026

Summary

Story summary

New York state lawmakers consider raising the corporate tax from 7.25% to 11.5% on major corporations to address Mayor Zohran Mamdani's $5.4 billion deficit and generate about $1.5 billion annually.
Governor Kathy Hochul opposes significant tax hikes, citing potential flight of businesses and wealthy residents.
Budget talks continue as Hochul's office says she is collaborating with Mayor Zohran Mamdani and the legislature.
The budget deadline is April 1.

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Story summary

New York state lawmakers consider raising the corporate tax from 7.25% to 11.5% on major corporations to address Mayor Zohran Mamdani's $5.4 billion deficit and generate about $1.5 billion annually.
Governor Kathy Hochul opposes significant tax hikes, citing potential flight of businesses and wealthy residents.
Budget talks continue as Hochul's office says she is collaborating with Mayor Zohran Mamdani and the legislature.
The budget deadline is April 1.