New York Tax Break Bills Ready for Governor Hochul’s Signature

Legislation offering tax breaks for New York homeowners, drivers, and cannabis businesses is headed to the desk of Governor Kathy Hochul as part of a $220 billion budget deal struck on Thursday.

The state Senate and Assembly passed two budget bills (S.8009C/A9009C) and (S.8005C/A.9005C) in a session that stretched into early Friday. Hochul negotiated the package and said she’ll sign the legislation.

The spending plan includes a six-month fuel-tax suspension, a $2.2 billion homeowner tax rebate, and a decision to speed up a scheduled reduction in personal income tax rates. It also allows cannabis operations to ...