Price Of Gas In New York State Expected To Drastically Drop

New York residents will finally soon see some relief at the pump after paying record-breaking prices at the pump.

It was a number of days late, but on Thursday New York State lawmakers finally agreed on the 2023 New York State budget.

New York State Budget Passed

On Thursday, Gov. Hochul announced an agreement to address key priorities in the 2023 New York State Budget.

The budget includes 13 major changes to New York State. You can see all of the changes below.

Gas Relief

Among the changes is some relief at the pump.

"We understand what happened. We understand the necessity of stopping Russian oil from coming into our reserves. And I applaud everything President Biden has done to show that we are willing to stand with the Ukrainian people as they're under assault by a war criminal. But now we have to look at our people and meet them where they are right now at this time of great stress," Hochul said.

Gov. Hochul confirmed New York will suspend fuel taxes to tackle the high cost of gasoline which has surged in recent months as a result of the war in Ukraine.

"As we tackle rising fuel prices, something that was constantly at the table as I spoke to the leaders about what we can do to give people just a break. People just feel like they're never getting ahead," Hochul added.

Suspension of a State Tax on Gasoline

Hochul announced the suspension of a state tax on gasoline will start on June 1 and last until New Year's Eve.

"That's why we are going to suspend, from June 1st to December 31st, the state's sales tax on fuel, which results in an estimated $585 million in relief for working families and businesses across our state," Hochul said.

This proposal will save drivers and businesses 16 cents per gallon under current law, and allow counties to set their local sales tax rate per gallon, rounded to the nearest cent, equal to $4, according to Senator Mike Martucci (R,C,I–Hudson Valley/Catskills). Currently, they are authorized to set their local sales tax rate per gallon equal to $2 or $3.

“This bill includes many of the ideas I’ve proposed and supported since starting my term, including a Gas Tax Holiday, an enhanced Farm Tax Credit, a Restaurant Back to Work Tax Credit, and an acceleration of the Middle-Class Tax Cut,” Martucci said. “Since this legislation provides for tremendous benefits to and no tax increases on my constituents, I proudly voted in the affirmative.”

13 Major Changes Coming To New York State

The Senate and Assembly are expected to have all of the budget bills passed by the end of Thursday.