"We are extending the executive budget deadline from this coming Friday until May 12, because a crisis of this scale cannot be solved without state action, Mamdani said."
"The PTET credit allows members and shareholders of partnerships or S corporations to pay state income tax at the entity level, and making it possible for those seeking the credit to avoid the $10,000 federal deduction limit for state and local taxes (SALT)."
"It's not happening, Hochul said at an unrelated press conference upstate when asked whether reducing the PTET credit amounted to a personal income tax increase."
"We don't have to be done in order for you to do yours, Hochul told reporters in Colonie."
Mayor Zohran Mamdani and City Council Speaker Julie Menin announced a delay in New York City's executive budget deadline to May 12, seeking additional revenue from Albany. This decision comes as the state budget is late. They proposed reducing the passthrough entity tax credit to generate nearly $1 billion in revenue, but Governor Kathy Hochul rejected this idea, stating it would not happen. Hochul emphasized that the city should not blame Albany for the budget delay, as both are on different timetables.
Read at www.amny.com
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