Governor Kathy Hochul proposed a middle-class tax cut for more than 8.3 New York taxpayers as part of her 2025 State of the State. By cutting rates across five of the State’s nine tax brackets, Governor Hochul will bring tax rates down to their lowest level in nearly 70 years. The Governor is also proposing New York’s first-ever Inflation Refund and a sweeping increase in the Child Tax Credit.