Tipsheet

New York Gov Hochul Reportedly Open To Hiking Corporate Tax Rate

Scott McClallen
Scott McClallen  |  November 14, 2025 8:35 PM

New York Gov. Kathy Hochul is open to hiking corporate taxes to fund so-called “free” services and a growing budget deficit, Politico reported. 

New York charges a 7.25 percent corporate tax, the 17th-highest in the nation according to the Tax Foundation. 

Hochul hasn't pursued raising the personal income tax rate. 

The state collected nearly $54 billion in personal income taxes in fiscal year 2023-2024. The state’s largest revenue source supports education, health, and public safety.

State lawmakers must find new revenue to fill a cumulative three-year budget gap of $34.3 billion, according to an August report by State Comptroller Thomas P. DiNapoli. 

The deficit is up $7 billion because of increased spending. 

"These are going to be difficult times ahead, but New York has gone through difficult times before and, in many cases, has come out stronger," DiNapoli wrote in the report. "With careful consideration, prudent planning, and action, I am confident that we can overcome these challenges, just as we always have."

 

 Enacted 2026 Financial Plan Report  by  scott.mcclallen 


BREAKING: Kathy Hochul now wants to hike taxes — a move she admitted just last year would drive businesses out of New York.

In a desperate bid to appease the radical left, she’s putting politics over the future of this state. pic.twitter.com/DjlQzG0NFy

New York Mayor-Elect Zohran Mamdani’s campaign promises that include universal child care, “free” bus services, and government-run grocery stores. It's unclear how he'll pay for these programs.