Story perspectives

Hochul Rejects Tax Credit Cut, Adds $1 B Gap, Meets Griffin

5/1/2026

Summary

Story summary

Governor Kathy Hochul rejected Mayor Zohran Mamdani and Council Speaker Julie Menin’s request to cut Pass-Through Equity Tax credit, adding $1 billion to budget gap.
Mamdani said will miss May 1 deadline and postpone proposal to May 12 pending budget agreement.
Citizens Budget Commission president Andrew Rein warned spending is $16 billion above inflation in a decade.
Hochul meets billionaire Ken Griffin, whose firm threatened to pull from a $6 billion project after Mamdani’s criticism.

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Story summary

Governor Kathy Hochul rejected Mayor Zohran Mamdani and Council Speaker Julie Menin’s request to cut Pass-Through Equity Tax credit, adding $1 billion to budget gap.
Mamdani said will miss May 1 deadline and postpone proposal to May 12 pending budget agreement.
Citizens Budget Commission president Andrew Rein warned spending is $16 billion above inflation in a decade.
Hochul meets billionaire Ken Griffin, whose firm threatened to pull from a $6 billion project after Mamdani’s criticism.