No New Income Taxes in Hochul’s Budget Plan: New York Brief

Gov. Kathy Hochul plans to introduce a $260 billion state budget plan today that avoids any increases to the state’s personal income and corporate tax rates, my colleagues Danielle Muoio Dunn and Raga Justin report.

Hochul’s plan would instead sever the state tax code from certain business tax provisions in the 2025 federal tax law, a move estimated to preserve $1.6 billion in revenue, according to the state budget office. And Zyn lovers would have to pay more under a $5.35-per-pack excise tax on nicotine pouches, the same rate that’s applied to cigarettes.

But it omits any of ...