This week New York Governor Kathy Hochul gave her proposed state budget plan for 2025 and there is some very good news for New York taxpayers.

The proposed $233 billion dollar budget doesn't call for a massive tax hike for New York residents.

According to the TimesUnion, New York State Budget Director Blake Washington, there will be no increase in personal income or business taxes.

“The way we solve for the budget gap is use of a little bit upside … on our revenue forecast,” Washington said. “We took some reductions in Medicaid but the state’s Medicaid program is still growing by $3 billion, or 11 percent.”

 

EXTRA: CHECK SOME NEW LAWS THAT WENT INTO EFFECT IN NY IN 2024

Here are some of the other highlights of the proposed New York State budget for 2025.

$35.5 Billion to Fund Medicaid Health Care for Eligible New Yorkers

$4.8 Billion to Address Serious Mental Illness and Youth Mental Health Crisis


You can read the whole proposed budget HERE.

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The budget will now head to the State Senate and House of Representatives and they will debate and vote on the budget. The Legislative committees will ask state agencies and stakeholders to address the proposed budget appropriations.

These joint legislative hearings are presented in real time on NYSenate.gov. The New York State Senate welcomes public testimony as part of its annual budget review.

The New York State constitution states that the state budget must be finalized by April 1st.

 

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