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Q&A
Potential increase in Payroll Mobility Tax (PMT) to address MTA funding gap
0:51:34
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Council Member Brooks-Powers inquires about the potential increase in the Payroll Mobility Tax (PMT) to address the MTA's funding gap. Jai Patel from the MTA provides information on the potential revenue generation from a PMT increase.
- The MTA states they are agnostic to the revenue source
- A previous 26 basis point increase in PMT generated about $1.1 billion in revenue
- Bonding against a similar increase could potentially generate between $15 and $20 billion
Selvena N. Brooks-Powers
0:51:34
The governor's budget director has admitted that fees and taxes would be needed to address the massive $33,400,000,000 gap in the MTA's twenty twenty five to twenty twenty nine capital plan.
0:51:47
It has been widely reported in the press that the governor is considering an increase of the payroll mobility tax.
0:51:54
In your own estimate, how much higher does the PMT need to be increased in order to cover the 33,400,000,000 gap?
Jai Patel
0:52:07
Sure.
0:52:08
As we've been saying, we're agnostic to the revenue source, but to answer your question about PMT, I think the last increase that we did for the operating budget, we did a 26 basis points, which generates about a billion $1,100,000,000 of revenue.
0:52:28
We could bond against that and generate, between 15 and $20,000,000,000.
0:52:39
Maybe a little less than the 20 to give you an idea of the size.