Gov. Hochul proposes massive $216B budget fueled by COVID relief
Gov. Kathy Hochul proposed a $216 billion budget plan Tuesday that leans on billions in federal COVID-19 relief and revenue from tax hikes on the wealthy enacted by her predecessor.
It includes a hefty 7 percent, or $2.1 billion, boost in education spending and provides $1.2 billion in bonuses to nurses and other health care workers to address a staffing shortage during the coronavirus pandemic.
Hochul, who is running to keep the governor’s seat, benefited from being able to access billions of dollars in COVID-19 federal emergency funding sent to the state over the past two years.
Revenues to the state treasury also bulged from increased income taxes on wealthy New Yorkers and businesses approved by the legislature and former Gov. Andrew Cuomo last year.
The overall budget, which includes federal funds, is $4 billion higher than last year.
The budget includes $2.2 billion for property tax relief and $2 billion for pandemic recovery initiatives. She would accelerate scheduled income taxes cuts for middle- and lower-income earners.
The budget includes a $1 billion health care transformation fund.
There’s $350 million in pandemic relief to aid impacted businesses and theater and musical arts venues.
Many of the proposals were first laid out in her recent state of the state address.
