New York Governor Kathy Hochul announced the transit highlights of the FY 2024 Budget. The Budget includes meaningful and significant changes to how we support public transit across New York and make our transportation system safer and more reliable. This Budget will also provide the MTA – the nation’s largest transit system – a stable long-term financial plan, as it continues to rebound from the COVID-19 pandemic.
The Budget includes:
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Implementing over $400 million in MTA operating efficiencies to reduce expenses and improve service to customers.
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Increasing the top rate of the Payroll Mobility Tax (PMT) for the largest businesses in New York City, generating an additional $1.1 billion annually.
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Increasing New York City’s share of funding for paratransit services through 2025, generating nearly $165 million annually.
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$300 million in one-time State aid to address the extraordinary impact of the pandemic on MTA operating revenues.
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$35 million in investment to improve subway service on weekday middays, weekends and weeknights.
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$65 million to reduce the proposed fare increase on the MTA from 5.5 percent to 4 percent.
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$35 million in safety investments to protect riders.
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Dedicating $1.5 billion in licensing fees if three downstate casino licenses are awarded, and a share of an estimated $231 to $413 million in incremental annual tax revenue from the casinos for MTA operations.
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$15 million to fund a pilot program providing five fare-free bus routes in New York City.
-via Press Release