Mamdani-Menin Ask Albany to Cut PTET Credit to 75% for $1B; Hochul: 'It's Not Happening'

In a joint City Hall rotunda press conference Tuesday April 28, Mayor Mamdani and Speaker Menin asked Albany to reduce New York's Passthrough Entity Tax (PTET) credit from 100% to 75%, a change they estimate would generate roughly $1 billion in additional NYC revenue from filers earning more than $1M/year. Mamdani framed PTET as a "loophole." Within hours, Gov. Hochul rejected the ask at an upstate event: "It's not happening. We're not changing PTET." The rebuke is the sharpest public split between Mamdani and Hochul to date and effectively closes one of the city's largest unilateral revenue plays for the FY27 budget. Same-day, Mamdani-Menin also formally pushed the NYC executive budget release from May 1 to at least May 12.

• keptPied-à-terre tax on $5M+ second homes
• brokenCorporate tax hike ($1.75B/year)
• brokenDouble DCWP budget to $135M
• brokenIncrease Human Rights Commission funding to $21M

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