Tax increases on corporations & high earners

Pied-à-terre tax on homes >$5M announced April 15 with Hochul — estimated $500M/year. Speaker Menin backs the pied-à-terre tax but says city still needs cuts. Corporate-tax-hike proposal: $1.75B/year. Income-tax surcharge on $1M+ earners: $3B revenue. April 28: Mamdani-Menin asked Albany to reduce PTET credit to 75% for ~$1B; Hochul flatly rejected: "It's not happening." Apr 30 Hochul met privately with Citadel CEO Ken Griffin. May 7: Hochul's $268B framework deal names the pied-à-terre tax as a delivered NYC ask, but Heastie says ~50 items unresolved. Corporate + millionaire-income hikes still Albany-gated; PTET 75% effectively dead. State budget on 9th extender expires May 8; 10th extender expected.