Testimony before the City Council Finance Committee’s hearing on the Mayor’s Preliminary Budget for 2026

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On March 5, 2025, George V. Sweeting, Senior Fellow at the Center for New York City Affairs (CNYCA), testified before the New York City Council about the Mayor’s Preliminary Budget for Fiscal Year 2026.

Sweeting’s testimony to the Committee on Finance focused on the City’s fiscal condition and potential threats from current federal tax proposals. He also evaluated two tax policy proposals in the Mayor’s Preliminary Budget, both of which require State action to become law. These include the “Axe the Tax” proposal to eliminate the City Personal Income Tax for taxpayers below 150 percent of the federal poverty line, and the Relocation Assistance Credit for Employees (RACE) credit to incentivize firms from outside the state to relocate to the city.

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