Tax Department outlines Hochul tax package: $3 billion rebate, child-credit expansion and IT upgrades

Acting Commissioner, representing the New York State Department of Taxation and Finance, told the joint fiscal committees that Governor Kathy Hochul’s executive budget advances a three‑part tax relief plan and a slate of administrative modernizations. The plan includes a one‑time $3,000,000,000 sales‑tax rebate, phased cuts to low‑ and middle‑income personal income tax rates, and a significant expansion of the Empire State Child Credit.

The commissioner said the $3 billion rebate would be delivered to about 8,600,000 households this year. The proposed income‑tax changes would reduce rates for low‑ and middle‑income taxpayers and, when fully phased in, provide about $1,000,000,000 in recurring relief to about 8,300,000 New Yorkers. The budget would also extend the state’s top three tax brackets for five years to preserve…