Highlights of New York State’s FY 2022 Budget Announced by Governor Cuomo

On April 6, Governor Cuomo announced highlights of the state’s Enacted FY 2022 Budget to “reimagine, rebuild and renew New York in the wake of the ongoing COVID-19 pandemic.” According to the press release the Budget supports the Governor’s $311 billion infrastructure plan; provides for green economy investments, rent relief, small business and arts recovery assistance, school aid, and funding in the continued effort to defeat COVID and strengthen healthcare delivery. In addition, the enacted budget continues the state’s affordable and homeless housing plan; as well as the phase-in of the middle-class tax cut, which is expected to save 4.8 million New Yorkers over $2.2 billion this year. Among the new state revenue sources included in the budget is a surcharge on all filers earning more than $25 million through Tax Year 2027; as well as a surcharge on corporate tax rate through tax year 2023 for taxpayers with business income greater than $5 million.

Source:    https://www.governor.ny.gov/news/governor-cuomo-announces-highlights-fy-2022-budget-reimagine-rebuild-and-renew-new-york