The New York state legislature approved the FY2026 budget, which includes an increase in the payroll mobility tax to support the MTA's $68 billion capital improvement plan. Governor Kathy Hochul stated this slight increase will alleviate some burden on small businesses, while larger companies will contribute more. There will also be reallocation of previously designated funds for Penn Station to aid this plan. The budget was finalized remarkably late, amid concerns about federal funding cuts, though Hochul assures that the state continues to advocate for its transit systems and riders.
Gov. Kathy Hochul emphasized that while the payroll mobility tax will see an increase, small businesses in the NYC area will benefit from a tax burden reduction.
The approved $68 billion MTA capital plan now has funding secured, with contributions from the city, state, and MTA amid uncertainty from potential federal funding cuts.
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