Speaker Carl Heastie and Ways and Means Committee Chair J. Gary Pretlow have announced the enactment of a $254.3 billion budget for the State Fiscal Year 2025-26. The budget aims to support New York families by providing tax relief and investing in critical programs.
“This budget invests in our people and in our state,” Speaker Heastie stated, emphasizing efforts to counter economic insecurity at the federal level by supporting small businesses and family investments. Assemblymember Pretlow added, “The Assembly Majority is committed to addressing the concerns of families across New York.”
Key elements of the budget include enhanced tax credits for families, such as increasing the Empire Child Tax Credit up to $1,000 for children under four years old from 2025 to 2027. A phased-in tax cut will benefit individuals earning less than $323,000 starting in 2026.
For small businesses affected by unemployment insurance debt during COVID-19, $8 billion has been allocated to repay federal debts, reducing employer costs.
Education funding sees significant increases with $37.6 billion directed towards public schools and additional funds for universal school meals and smartphone restrictions in schools. Higher education institutions like SUNY and CUNY receive increased capital funding alongside scholarships for adult students.
Childcare receives a boost with a $2.2 billion investment aimed at keeping subsidy enrollment open across localities.
Housing initiatives include $50 million for rental assistance through HAVP and substantial funding for New York City’s housing program.
Healthcare provisions focus on reproductive health protections, Medicaid coverage enhancements, mental health crisis response systems funded by Daniel’s Law pilot programs, and substance abuse prevention initiatives.
Infrastructure investments cover transportation projects with an additional $100 million over two years dedicated to local street improvements. Environmental protection is bolstered with increased funding for sustainable infrastructure projects targeting emissions reduction.
Corrections facilities will see upgrades with new personnel positions funded along with expanded camera installations aimed at improving oversight within DOCCS facilities.
