Gov. Kathy Hochul proposed giving the Metropolitan Transportation Authority a rescue package worth at least $1.3 billion annually on Wednesday, answering the agency’s prayers for a bailout.
Increasing the controversial MTA payroll tax — which is applied to all New York City and suburban employers downstate and trickles down to employees — to generate $800 million annually.
Pushing City Hall to contribute another $500 million annually to help fund the MTA’s Access-a-Ride service for the disabled and discounted student fares. Promising the agency will receive a portion of the $1.5 billion from the sale of three new casino licenses and an unspecified slice of the future tax revenues.
Additionally, Hochul’s budget includes a one-time injection of $300 million to further stabilize the agency’s finances this coming year.The MTA bailout would be funded through increased MTA payroll taxes and casino revenue. MTA’s projected budget shortfalls were expected to potentially reach $1.6 billion by 2024 without new funding.The package on its face appears to largely fill the MTA’s projected budget shortfalls, which were expected to potentially reach $1.6 billion by 2024 without new funding.
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