NY Lawmakers Pass Budget Plan with Tax Hikes Opposed by Hochul

Proposals that would raise taxes on corporations and those earning at least $5 million won New York Democrats’ approval Thursday, launching formal negotiations with Gov. Kathy Hochul (D) over the state budget.

The one-house spending plans passed by Democrats in the state Senate and Assembly kick off a period of wrangling over the state’s budget, due April 1. Hochul, a moderate Democrat, has resisted tax hikes as she runs for reelection in November. Last year’s budget came in at $254.4 billion.

The Assembly’s budget would raise taxes on incomes greater than $5 million. The state Senate plan would also increase ...