Sen. Gounardes’ Proposals to Close Tax Loopholes Included in Senate One-House Budget
FOR IMMEDIATE RELEASE: MARCH 10, 2026
New York State Senator Andrew Gounardes issued the following statement in response to the inclusion of several of his proposals to close tax loopholes that benefit corporations and the ultrawealthy in the State Senate’s One-House budget resolution:
“New Yorkers deserve a tax code that puts them first, not special interests and big corporations. My proposals close unfair loopholes and ensure big corporations pay their fair share, so we can focus on making life easier and more affordable for regular people.
“At a moment when the Trump administration is slashing health care, food stamps, housing and other essentials that New Yorkers rely on, it’s on us to stand up for our neighbors. My proposals help fund programs everyday people actually need, like universal child care. It’s time to pass a budget that works for working New Yorkers.”
Background:
Proposals by Senator Gounardes in the Senate One-House budget resolution include:
Increasing the top corporate tax rate from 7.25% to 9% for those with business income over $5 million (from S.3943A).
Increasing income taxes .5% on the wealthiest New Yorkers (from S.4437A)
Eliminating the sales tax break on purchases of $1,000+ in gold bars, bullion and other precious metals (from S.7875—explainer video here).
Decoupling from the federal expansion of the Qualified Small Business Stock tax exemption, which despite its name overwhelmingly benefits venture capitalists and the ultrawealthy (from S.8921A—explainer video here).
Decoupling from provisions in Trump’s federal tax bill that change expensing rules for big businesses (from S.8631A—explainer video here).
Reducing the pass-through entity tax (PTET) credit to ensure the state’s highest earners pay their fair share (from S.7643).
Press Contact:
Billy Richling
Communications Director
State Senator Andrew Gounardes
billy@senatorgounardes.nyc
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