Gov. Hochul Says: 2023 Budget provides “Historic Levels of Financial Support” to New Yorkers
By Yehudit Garmaise
After signing the $220 billion budget for New York on April 9, Gov. Kathy Hochul announced several tax-relief programs that she said provide “historic levels of financial support for working families, homeowners, and small businesses.”
Thanks to an influx of federal funds and higher-than-expected tax revenues, the governor and the state legislature will be accelerating a $1.2 billion-dollar tax cut for the middle class and providing a homeowner tax rebate credit for almost 2.5 million New Yorkers.
Drivers will breathe a sigh of relief this summer when filling up their tanks because the 2023 budget called to suspend the state sales tax on motor fuels, the separate motor fuel tax, and the metropolitan commuter transportation district sales tax imposed on motor fuels from June through December.
The temporary suspension of the New York state gas tax will provide $585 million in relief for working families and businesses statewide, the governor estimated.
Small businesses also will benefit from New York’s 2023 budget when they receive up to $250 Million in tax credits and relief for unforeseen expenses businesses had to weather as they had to adapt throughout the Covid-19 pandemic.
The budget also provides a 15% exemption in a tax-relief program for eligible small businesses.
"The 2013 budget provides much-needed tax relief for thousands of small businesses, millions of New Yorkers, and it reduces the tax burden for those who need it most," Gov. Hochul said. "In a post Covid-19 era, New Yorkers will recover from the pandemic and lead the nation in an economic resurgence.
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