May 7, 2026
Governor Hochul Announces Handshake Budget Deal with State Lawmakers; Final Budget Negotiations Continue To Finalize Details
This morning, Gov. Hochul held a press conference to share details on a general agreement made with legislative leaders on a $268 billion SFY 2027 State budget and sent a 10th budget extender bill (A11285, Pretlow/ S10221, Serrano) to the Legislature to continue state spending through May 11th in the absence of an enacted budget.
She provided insight on several initiatives and investments including auto insurance reform to address fraud and close legal loopholes, a $1 billion energy rebate to provide utility relief to New Yorkers and establishment of a ratepayer protection program, a $40 billion education investment, a new $1 billion climate priorities investment and changes to the Climate Leadership and Community Protection Act, creation of the state’s first Pied-a-terre tax program in New York City, a landmark law to block 3D printers sold in NYS from printing a firearm, a plan to expand protections for New Yorkers from ICE including banning all law enforcement from wearing masks and denying them access to sensitive locations, a $77 million investment to promote safety in subways, and housing reforms to speed up the building of housing. When asked further about taxes, the Governor confirmed that there will not be a Pass-Through Entity Tax (PTET) credit reduction or raised income or corporate taxes.
Please find attached Governor Hochul’s press release on the parameters of the agreement as well as a New York Times article here. More updates to follow.