Gov. Hochul Must Go Far Beyond Reducing NYC's PTET Credit

In response to Mayor Zohran Mamdani and Speaker Julie Menin calling on Albany to reduce the PTET credit to generate nearly $1 billion in revenue for New York City, Invest in Our New York Campaign Manager Brahvan Ranga released the following statement:

“Mayor Mamdani and Speaker Menin’s proposal to raise $1 billion by reducing the pass-through-entity tax credit for New York City millionaire business owners would be a positive step toward closing the city’s $5.4 billion deficit, but we need more revenue to solve the budget crises facing the rest of the state. Gov. Hochul must go far beyond reducing the city’s PTET credit and adopt all progressive revenue raisers in the Senate and Assembly one-house proposals, including tax hikes on the highest-earning New Yorkers and most profitable corporations in New York City and statewide.” 

“We applaud Mayor Mamdani for proposing this reduction of the PTET credit and for keeping the fight to tax the rich at the forefront of his agenda. It’s also notable that even millionaire Julie Menin believes the state must make ultra-wealthy hedge funds and private-equity firms pay their fair share in taxes. The mayor and speaker are siding with working-class New Yorkers — which side are you on, Gov. Hochul?”