Archives
The SALT Deduction in the House Budget Bill
Introduction One of the sticking points in the House of Representatives’ Budget Reconciliation Bill was the increase of the cap on the State and Local Tax (SALT) deduction from federal taxable income. In general terms, the cap was quadrupled in... Read More
Jun 12, 2025
Health Care Costs: Funding Post-Employment Benefits
Introduction Other Post-Employment Benefits (OPEB) are benefits offered to City employees after their retirement from City service. OPEB are a form of deferred compensation and they generally consist of various types of health insurance coverage. The City has historically chosen... Read More
Jun 3, 2025
Health Care Costs: The Hidden Risks in the Financial Plan
Introduction The cost of health insurance for City employees is a significant hidden risk in the FY 2026 Budget and Financial Plan released on May 1st. This fiscal note addresses two issues: The link between the Health Insurance Stabilization Fund... Read More
Jun 2, 2025
Recent Trends in the City’s Business Income Taxes
Introduction In recent years, City taxes on business income have outpaced other revenue sources and have consistently and significantly outperformed forecasts. Chart 1 shows that since FY 2019, business income taxes (inclusive of tax audits) have increased by more than... Read More
Feb 18, 2025
Fiscal Note: Risks for Medicaid and other NY State Healthcare Programs
Introduction Over 5 million NYC residents receive their healthcare coverage through one of NY State’s health plans – Medicaid, the Essential Plan, Child Health Plus, or the Qualified Health Plan – over 60% of the city’s overall population. These plans... Read More
Jan 24, 2025
Good Jobs and the New York City FRESH Program: Evaluation and Recommendations
Executive summary New York City’s FRESH (Food Retail Expansion to Support Health) program is designed to promote access to healthy foods, particularly in underserved areas, by providing financial and zoning incentives to new grocery stores. This fiscal note brings together... Read More
Oct 10, 2024
Fiscal Note: Implications of Lowering the Class 1 Assessment Ratio
Introduction The New York State Real Property Tax Law (RPTL §1805(1)) requires that: “The assessor of any special assessing unit shall not increase the assessment of any individual parcel classified in class one in any one year, as measured from... Read More
Aug 16, 2024
Fiscal Note: “Comparable Rentals”
Introduction The New York State Real Property Tax Law (RPTL §581) requires that: “Real property owned or leased by a cooperative corporation or on a condominium basis shall be assessed […] at a sum not exceeding the assessment which would... Read More
Jun 27, 2024
Fiscal Note: Strategic Asset Allocation
A crucial aspect of managing the five NYC public pension systems is the formulation of strategic asset allocations for each portfolio. This involves advising the pension systems as they establish target allocations for each asset class as a percentage of... Read More
Apr 30, 2024