New York City Mayor Eric Adams today issued the following statement highlighting a number of key policies the Adams administration pushed for in the state’s Fiscal Year 2023 budget bills:
“New Yorkers need help, and thanks to our leadership, the state budget included huge components of my ‘People’s Plan for New York,’ which will put hundreds of millions of dollars in the pockets of working class New Yorkers. In particular, Albany answered our call for investments in childcare and an enhanced Earned Income Tax Credit — both of which will make a real difference in New York families’ lives and accelerate our economic recovery, both now and in the future. It also makes critical investments in NYCHA, which will improve the living conditions for thousands of public housing residents that have been subject to neglect and dysfunction for far too long. The budget also reflects our call to action on a number of public safety measures and elements of our ‘Blueprint for Public Safety,’ including improvements to the discovery process, gun and mental health laws, and judges’ ability to keep repeat offenders off the streets.
“I commend the governor, the Senate, and the Assembly for their work, even while we acknowledge that we have far more work to do on key areas of public safety, housing, mayoral accountability, and more in the ongoing legislative session.”
Key city priorities in the state’s adopted budget included:
- Approving the first expansion of the city’s Earned Income Tax Credit in nearly 20 years that will result in an additional city investment of $250 million on an annual basis, and providing a one-year state-funded supplemental payment worth 25 percent of the state’s Earned Income Tax Credit federal credit;
- Authorizing the city to provide property tax abatements to property owners who retrofit property to establish childcare centers, which could create up to 11,000 additional childcare seats;
- Authorizing the city to offer a tax credit for businesses that provide free or subsidized childcare to their employees, which could create up to 6,600 childcare seats;
- Extending the design-build program for an additional five years and adding the New York City Department of Citywide Administrative Services (DCAS) as an Authorized Entity to accelerate projects intended to reduce energy consumption and greenhouse gas emissions;
- Adopting a Pass-Through Entity Tax mechanism that is similar to the one adopted by New York state to reduce federal tax liability for partnerships and S corporations in response to the State and Local Tax (SALT) deduction limitations enacted in the 2017 Federal Tax Cuts and Jobs Act;
- Investing $1.1 billion in capital funding for the New York City Housing Authority (NYCHA), including $750 million in reappropriations for capital projects from prior budgets; and
- Reducing the city’s share in withheld sales tax collections to the Distressed Hospitals Fund from $200 million to $150 million.
Check out more content regarding Eric Adams here.
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