Funding Trend: Make Cities Pay the State Hundreds of Millions Annually

The Chair of a New York legislative committee is proposing the creation of a transportation finance authority that would fund transportation with:

• “A 10-cent increase in the state gas tax would yield $500 million annually.
• A half-percent income tax increase on New Yorkers earning between $500,000 and $2 million each year would raise their rate from 6.85 percent to 7.35 percent, bringing in $750 million annually.
• A mandatory contribution from New York City, starting at $60 million in the first year and adding an additional $60 million each year until the city’s contribution is capped at $300 million annually.”

Streets Blog NYC