Statement from Mayor Adams on State Budget Passed

April 9, 2022

NEW YORK – New York City Mayor Eric Adams today released the following statement highlighting a number of key policies the Adams administration has 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 elements of my ‘People’s Plan for New York,’ which will put hundreds of millions of dollars in their pockets. of the New York working class. In particular, Albany has answered our call for investments in child care and an improved income tax credit – that will make a real difference in the lives of New York families and accelerate our economic recovery, now and in the future. He is also making critical investments in NYCHA that will improve the lives of thousands of public housing residents who have been neglected and dysfunctional for far too long. The budget also reflects our call to action on a number of public safety measures and elements of our “Master Plan for Public Safety”, including improvements to the discovery process, gun laws and mental health, and the ability of judges to keep repeat offenders off the streets. .

“I commend the Governor, Senate, and Assembly for their work, although we recognize that we still have a lot of work to do in the key areas of public safety, housing, mayoral accountability, and more. during the current legislative session.”

The city’s top priorities in the state-passed budget included:

  • Approve the city’s first earned income tax credit expansion in nearly 20 years, which will result in an additional city investment of $250 million on an annual basis, and provide an additional government-funded payment. ‘State Worth One Year 25% Federal State Earned Income Tax Credit;
  • Allow the City to provide property tax reductions to property owners who retrofit their property to establish child care facilities, which could create up to 11,000 additional child care spaces;
  • Authorize the City to offer a tax credit to companies that offer free or subsidized childcare services to their employees, which could create up to 6,600 childcare spaces;
  • Extend the design-build program for an additional five years and add the New York City Department of Administrative Services (DCAS) as an authorized entity to accelerate projects intended to reduce energy consumption and gas emissions Greenhouse effect ;
  • Adopt an entity tax transfer mechanism similar to that adopted by New York State to reduce the federal tax liability of partnerships and S corporations in response to local tax deduction limits and (SALT) 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 reallocations for capital projects from previous budgets; and
  • Reduce the city’s share of sales tax collections withheld from the Hospitals in Distress Fund from $200 million to $150 million.

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