Governor Kathy Hochul today highlighted the benefits of the landmark Build Back Better Agenda that passed the U.S. House this morning.
“Our families have been waiting for a lifeline, and I applaud Speaker Pelosi and the Democratic New York Congressional Delegation for delivering on this landmark legislation,” Governor Hochul said. “President Biden put forward an ambitious economic agenda for New York working families and individuals, and the House advanced these historic investments in our economy, education, child care, health care and our fight against climate change through the Build Back Better Act. I am confident that Majority Leader Schumer and the Democrats in the U.S. Senate will help bring this bill across the finish line and ensure New York State can create jobs, improve lives, and finally address the climate crisis – all without adding to the tax burden of the middle class.”
The bill will support New York State investments in education, workforce, childcare, healthcare, and climate programs. By driving federal dollars into our communities, New Yorkers will see their costs for prescription drugs, childcare, and education go down. By investing in domestic manufacturing and clean energy, New York and America will be more competitive as we recover from the economic trials caused by the pandemic and transition to a greener economy. House Democrats passed a fiscally responsible bill without asking anyone earning less than $400,000 a year to pay a cent more in federal taxes, ensuring middle- and working-class New Yorkers see direct benefits from these investments.
New York working families and individuals will see direct benefits including:
- Investing in our Children and Families: With a $400 billion investment in our youngest New Yorkers, nearly 300,000 three and four-year-olds will be able to benefit from universal pre-kindergarten. As parents return to work, this landmark investment will help ensure that quality, reliable and affordable childcare is within reach for the nearly one million young New Yorkers whose families stand to benefit from lowered childcare costs. The poverty-reducing enhanced child tax credit is extended for one year, bringing another twelve months of needed relief to our working families. In addition, this bill finally brings the rest of the country closer to New York by introducing nationwide paid family leave, a crucial and long overdue program that has been the law in our State since 2016.
- Addressing the Climate Crisis: The historic legislation makes the largest investment to combat climate change in American history, investing $550 billion to support emission-reducing technologies, economy-wide, while also drastically expanding clean energy tax credits to spur private sector development. From buildings to industry to transportation, these critical investments will help New York take significant steps towards meeting our ambitious climate mandates under the Climate Leadership and Community Protection Act, including transitioning to a zero-emission electricity sector by 2040 and reaching economy-wide carbon neutrality.
- Ensuring Quality, Affordable Healthcare: New Yorkers will see the costs of life-saving prescription drugs lowered, with our seniors able to benefit from reduced out-of-pocket costs for needed medicines as well as comprehensive hearing benefits from Medicare. By extending enhanced health insurance premiums, even more, New Yorkers can join the over 925,000 current enrollees in gaining affordable, quality health coverage through New York State of Health while saving hundreds of dollars per year. In addition, this bill makes critical and long-overdue investments in the health of our mothers and children, permanently authorizing the Children’s Health Insurance Program for our nearly 400,000 enrolled children and improving maternal healthcare.
- Expanding Opportunities for Students and Working Families: Provides significant investments to support working families through increased opportunities for workers and access to higher education. The package increases the maximum Pell Grant by $550, supporting the 340,512 students in New York who rely on Pell, while also expanding access to the over 28,000 DREAMers that call New York home. The package also provides critical investments to support New York’s 65 minority-serving institutions and the students they serve. Beyond the classroom, the package provides over $50 billion in critical funding to train hundreds of thousands of New Yorkers in the jobs of tomorrow by investing in proven programs including registered apprenticeships and other job training that prepare individuals for high-quality jobs.
- Providing Better Access to Housing: By investing $150 billion in the construction and preservation of affordable housing options, New Yorkers will have safe and resilient homes. For the 1.7 million renters in New York, the Build Back Better Act increases high-quality housing through new construction incentives, providing much-needed funds to rehabilitate existing housing units including the capital needs backlog accumulated at NYCHA’s 326 public housing developments and adding billions in new housing vouchers to support renters.
- Addresses the Negative Impacts of the SALT Cap: The Build Back Better Act takes significant steps towards addressing the devastating fiscal impacts to both state and local government caused by the cap on the State and Local Tax deduction. By increasing the cap from $10,000 to $80,000, New York communities will be able to raise more revenue, ensuring our ability to provide the public services New Yorkers depend on, like emergency services, public health, and infrastructure development.