Pass-Through Entity Tax (PTET)

Mayor Zohran Mamdani and Council Speaker Julie Menin, previously at odds over closing New York City's budget gap, have united to push for scaling back a tax credit benefiting millionaires, aiming to generate $1 billion in revenue. Governor Kathy Hochul rejected their proposal, complicating efforts to address the city's fiscal shortfall and creating a new political rift ahead of her reelection.