Due to Hinchey’s leadership, the final budget includes several provisions she secured to put more money in New Yorkers’ pockets and deliver much-needed tax relief for Hudson Valley residents:
Lower Personal Income Tax
Hinchey and her Senate Majority colleagues continued a phase-in of the lowest personal income tax rates for working and middle-class families making it the lowest it has been in over 70 years.
MTA Payroll Mobility Tax Exemption for Dutchess County
Hinchey secured a commitment from the State that Dutchess County is exempt from paying an increase in the MTA Payroll Mobility Tax.
SUNY New Paltz Impact Aid — $300,000
As the new representative of SUNY New Paltz in the State Senate, Hinchey secured Impact Aid to provide financial relief to Village of New Paltz residents from the costs of meeting the safety needs of SUNY students. Hinchey fought to secure a $100,000 increase in SUNY New Paltz Impact Aid over previous years for a total of $300,000 — the first time since 2021 that this aid has been attained for the Village of New Paltz.
New Tax Support for Sojourner Truth State Park Host Communities
When Sojourner Truth State Park was created, over 500 acres of land became tax-exempt, running the risk of passing economic penalties onto local taxpayers, which Hinchey successfully fought to avert. Due to Hinchey’s leadership, the final budget will deliver tax payments to the City of Kingston and the Town of Ulster — on par with what other NYS Park Host Communities receive — to ensure that residents do not bear an economic burden from the establishment of this new upstate landmark.
Investment Tax Credit (ITC) Expansion for NY Farmers
Hinchey was successful in extending the Investment Tax Credit for farmers for the next five years through 2027 and expanding it to ensure that small and beginning farmers can realize the full impact of this tax credit. The tax credit refunds farm businesses for the costs of purchasing new equipment and machinery so that farmers can invest in their businesses and better position themselves for the future.
Raising the Minimum Wage
The final budget increases the state minimum wage by $2 over the next three years, after which it would increase at a rate determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), giving hundreds of thousands of New Yorkers who earn minimum wage a pay increase to keep up with rising costs of living.