Mamdani Trims Corporate Tax Push, Bets on Real Estate Fees to Balance NYC Budget
New York City Mayor Zohran Mamdani narrows his corporate tax plan to a smaller, city-focused hike and adds fees on pricey home sales, while also cutting the Pass-Through Entity Tax credit. The package aims to raise about $1.75 billion a year for the city and includes an ongoing push for a separate 2-point income tax increase on earners over $1 million. He’s seeking Albany’s buy-in from Hochul and legislative leaders to close a multibillion-dollar budget gap, though the proposals face skepticism from lawmakers and business groups.