Explore The Key Features Of New York’s Fiscal Year 2026 Budget
On Monday (April 28, 2025), an announcement was made by New York State Governor Kathy Hochul that an agreement with New York State legislative leaders has been reached for key priorities in the Fiscal Year 2026 Budget.
With the agreement, Governor Hochul's announcement stated that the bills are expected to pass, enacting the priorities in the coming days. The Fiscal Year 2026 New York state budget is currently estimated at $254 billion.
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According to Governor Hochul, the budget will not raise income or statewide business taxes. The budget grants Governor Hochul the powers necessary to make future adjustments if actions by the federal government require.
I promised New Yorkers to fight like hell to put money back in their pockets and make our streets and subways safer. That’s exactly what this budget will do. Working with our partners in the Legislature, we’ve reached an agreement to pass a balanced, fiscally responsible budget. Good things take time, and this budget is going to make a real difference for New York families. - New York State Governor Kathy Hochul
Some of the highlights of the Fiscal Year 2026 announced by the Governor include a one billion tax cut for middle-class and low-income New Yorkers, a sweeping increase to the Child Tax Credit, expanding access to child care, sending New York’s first-ever Inflation Refund checks, and. Reducing the Payroll Mobility Tax for small businesses.
Other highlights include providing $340 million to ensure free breakfast and lunch for every K-12 student in New York State, investing $357 million in gun violence prevention programs, fixing the discovery laws to support victims and survivors, and creating a new Class B misdemeanor to crack down on individuals who use a mask to conceal their identity when committing a Class A misdemeanor or higher crime.
In addition, other Fiscal Year 2026 highlights include strengthening involuntary commitment, and improving Kendra’s Law and investing $16.5 million in Assisted Outpatient Treatment, $2 million in OMH staffing.
For more in-depth information on the New York State Fiscal Year 2026, visit Governor Hochul's website for the announcement.
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