<description>&lt;p class="xxmsonormal"&gt;&lt;span style="color: black;"&gt;This week, Mayor &lt;/span&gt;&lt;span style= "color: #212121;"&gt;Zohran &lt;/span&gt;&lt;span style= "color: black;"&gt;Mamdani and &lt;/span&gt;&lt;span style= "color: #212121;"&gt;City &lt;/span&gt;&lt;span style= "color: black;"&gt;Council Speaker Julie Menin appeared to set aside their differences to advance a new budget solution: scaling back a lucrative tax credit used by wealthy business owners to help close the city's budget gap. The proposal,&lt;/span&gt; &lt;span style= "color: #212121;"&gt;which&lt;/span&gt; &lt;span style= "color: black;"&gt;target&lt;/span&gt;&lt;span style= "color: #212121;"&gt;s &lt;/span&gt;&lt;span style= "color: #212121;"&gt;what's known as the&lt;/span&gt; &lt;span style= "color: black;"&gt;Pass-Through Entity Tax (PTET) credit, was swiftly rejected by Gov. Kathy Hochul.&lt;/span&gt;&lt;/p&gt; &lt;p class="xxmsonormal"&gt;&lt;span style="color: black;"&gt;NY1 investigative reporter Courtney Gross, and political reporters Bobby Cuza and Kelly Mena break down how the &lt;/span&gt;&lt;span style="color: #212121;"&gt;tax credit works&lt;/span&gt;&lt;span style="color: black;"&gt;, who benefits most, and why the governor pushed back.&lt;br /&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="xxmsonormal"&gt;&lt;span style= "color: black;"&gt;Plus&lt;/span&gt;&lt;span style= "color: #212121;"&gt;: &lt;/span&gt;&lt;span style="color: black;"&gt;Did Mayor Mamdani take a political hit? His endorsement of Lindsey Boylan fell short in a special election for&lt;/span&gt;&lt;span style= "color: #212121;"&gt; a Manhattan City Council seat&lt;/span&gt;&lt;span style="color: black;"&gt;, raising questions about his influence. Meanwhile, the mayor wad&lt;/span&gt;&lt;span style= "color: #212121;"&gt;ed &lt;/span&gt;&lt;span style="color: black;"&gt;into international controversy after appearing to pick a fight with the King over a disputed gem. The &lt;/span&gt;&lt;span style= "color: #212121;"&gt;"&lt;/span&gt;&lt;span style="color: black;"&gt;Off Topic&lt;/span&gt;&lt;span style="color: #212121;"&gt;"&lt;/span&gt; &lt;span style= "color: black;"&gt;team looks at Mamdani&lt;/span&gt;&lt;span style= "color: #212121;"&gt;'s&lt;/span&gt;&lt;span style="color: black;"&gt; busy week&lt;/span&gt;&lt;span style="color: #212121;"&gt;.&lt;/span&gt;&lt;/p&gt;</description>

Off Topic/On Politics

Spectrum News NY1

Mamdani, Menin unite around tax plan as Hochul shoots them down

MAY 1, 202635 MIN
Off Topic/On Politics

Mamdani, Menin unite around tax plan as Hochul shoots them down

MAY 1, 202635 MIN

Description

This week, Mayor Zohran Mamdani and City Council Speaker Julie Menin appeared to set aside their differences to advance a new budget solution: scaling back a lucrative tax credit used by wealthy business owners to help close the city's budget gap. The proposal, which targets what's known as the Pass-Through Entity Tax (PTET) credit, was swiftly rejected by Gov. Kathy Hochul. NY1 investigative reporter Courtney Gross, and political reporters Bobby Cuza and Kelly Mena break down how the tax credit works, who benefits most, and why the governor pushed back. Plus: Did Mayor Mamdani take a political hit? His endorsement of Lindsey Boylan fell short in a special election for a Manhattan City Council seat, raising questions about his influence. Meanwhile, the mayor waded into international controversy after appearing to pick a fight with the King over a disputed gem. The "Off Topic" team looks at Mamdani's busy week.