Tax & Budget

Ensuring Adequate Funding for Childcare

New York State has enacted substantial expansions to its childcare subsidy program in recent years, supporting more families than ever. Yet the State risks undermining these gains by underfunding the program in fiscal year 2026, forcing New York City and other localities across the state to deny service to eligible families beginning as early as April 2025, putting them on a waitlist.

2025-04-10T09:58:12-04:00April 10th, 2025|Education, Social Policy, State Budget|

Preventing a NYCHA Budget Crisis

The New York City Housing Authority (NYCHA) houses over 500,000 New Yorkers and receives a majority of its funding from the federal government, leaving it especially at risk of impending federal budget cuts. New York State must be prepared to fill gaps in both the operating funding and capital funding for NYCHA.

Fixing Unemployment Insurance

Download the Memo Download the Report The Fiscal Policy Institute today released two publications on how to fix New York State's insolvent unemployment insurance system: a memo recommending tax changes, and a short report detailing the UI system’s chronic underfunding and low benefit level. Unemployment insurance (UI), which provides temporary income to laid-off workers, is one of the State’s most important economic stabilization policies. Unemployment can both throw workers into poverty and exacerbate recessions by [...]

Strange Accounting: Understanding the Growth in New York’s Medicaid Spending

The Executive Budget projects total state-share Medicaid growth of 17.1 percent, or $6.4 billion – an extraordinary rate of growth. Department of Health Medicaid spending alone is projected to rise by $4.3 billion or 13.7 percent. Yet enrollment has declined sharply over the past 18 months and is projected to remain virtually flat this year. What explains this dramatic divergence between spending and enrollment?

2025-02-16T13:36:59-05:00February 15th, 2025|State Budget|

Fact Sheet: The 2026 Executive Budget’s Fiscal Outlook

The executive budget makes significant upward revisions to its expected revenue for both the current and upcoming fiscal years (fiscal years 2025 and 2026, respectively), raising anticipated tax receipts by $4.6 billion and $4.1 billion from the levels projected in the fiscal year 2025 enacted budget financial plan. Strong personal income tax receipts drive higher-than-anticipated revenue.

2025-01-29T10:50:00-05:00January 29th, 2025|State Budget|

What to Expect in the Budget: Housing Policy

The fiscal year 2026 budget cycle is upon us and “affordability” is taking center stage. The mandate to address the rapidly rising cost-of-living in New York has never been more urgent, with consumer prices up about 20 percent since 2020. The cost of housing, in particular, has skyrocketed in the years since the Covid-19 pandemic, with home prices up over 50 percent—making housing costs the number one priority for addressing affordability in New York.

2025-01-31T14:33:57-05:00January 20th, 2025|Housing, State Budget|

What to Expect in the Budget: Healthcare

Healthcare didn’t take center stage in Governor Hochul’s State of the State address this week, but that doesn’t mean it won’t be central to New York politics this session. After all, rising healthcare costs are a key component of the affordability crisis squeezing New Yorkers, with premiums for individual and small-group health insurance set to increase by 12.7 percent this year.

2025-01-19T10:55:58-05:00January 19th, 2025|Healthcare, State Budget|

Governor Hochul’s Affordability Policy Report Card

Governor Hochul’s State of the State address made clear that “affordability” is her top priority this session. As part of her agenda, Governor Hochul and her team have put forward a set of policies intended to “put money back in New Yorkers’ pockets.”  The four major proposals include a tax cut, an “inflation rebate payment,” an expansion of the child tax credit, and fully funding free school lunches for all public-school students in the State.

2025-01-18T11:20:10-05:00January 18th, 2025|Housing, State Budget|
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