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(WNY News Now) Without raising income taxes, Governor Kathy Hochul’s $252 billion Fiscal Year 2026 Executive Budget prioritized housing solutions, middle-class tax cuts, and historic investments in public safety.
Governor Kathy Hochul of New York announced her Fiscal Year 2026 Executive Budget, a $252 billion plan designed to alleviate financial strains, solve the housing crisis, and improve public safety.
A $5 billion affordability program that includes the biggest middle-class tax cut in 70 years, saving 8.3 million New Yorkers money, is one of the agenda’s main components. A $3 billion one-time inflation rebate is also included in the budget, with $300 cheques going to individuals and $500 to families. The child tax credit will be expanded by $825 million, giving families with young children up to $1,000 for each child under four.
$100 million is set aside for first-time homebuyers, while $760.5 million is distributed to pro-housing communities in an effort to address New York’s housing issue. Additionally, the governor pledged $1 billion to fund the City of Yes projects in New York City, which aim to build 80,000 new homes over a 15-year period.
With $370 million allocated to preventing gun violence and $77 million financing a six-month law enforcement surge in New York City subways, public safety is still a top priority. Hochul also proposed initiatives to improve mental health care, including as $160 million for new forensic psychiatric beds, and simplified discovery regulations to speed up trials.
The state’s largest climate investment, $1 billion, is allocated to sustainable energy programs in the budget. $13 million for the establishment of distraction-free zones in K–12 schools and $3 billion for safety net hospitals are examples of additional investment.
In order to demonstrate economic responsibility, Governor Hochul kept $21 billion in reserves for unforeseen difficulties. In the face of uncertainty in Washington, she asked federal lawmakers to safeguard vital financial streams, such as Medicaid and education.
You may view the entire budget book here.