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NYC Mayor, Council Push $1B Pass-Through Tax Cut; Governor Blocks

4/29/2026

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Summary

Story summary

Mayor Zohran Mamdani and Council Speaker Julie Menin asked Governor Kathy Hochul to cut the pass-through entity tax credit to 75 %, a change to raise $1 billion.
Mamdani called the credit a tax cut for the rich, noting over 95 % of users earn more than $1 million.
They delayed the budget deadline to May 12, citing a $5.4 billion gap that makes boost essential, while Governor Hochul rejected the cut as a personal-income-tax increase.

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Story summary

Mayor Zohran Mamdani and Council Speaker Julie Menin asked Governor Kathy Hochul to cut the pass-through entity tax credit to 75 %, a change to raise $1 billion.
Mamdani called the credit a tax cut for the rich, noting over 95 % of users earn more than $1 million.
They delayed the budget deadline to May 12, citing a $5.4 billion gap that makes boost essential, while Governor Hochul rejected the cut as a personal-income-tax increase.