NYS tax hikes eyed as city’s credit takes hit

New York state Assembly Democrats are mulling an array of new and higher taxes — as well as legalization of marijuana and mobile-device sports betting — to address a fiscal crisis fueled by the coronavirus pandemic.

The lawmakers discussed raising taxes during a private, all-day remote meeting on Wednesday.

“If there was an idea to raise money, it was discussed today,” Assembly Education Committee Chairman Michael Benedetto (D-Bronx) told The Post afterward.

“Everything was discussed at great length.”

Benedetto said “it’s a given” that “we’re going to be billions of dollars short” in revenue to balance the 2021-2022 state budget and that lawmakers will have to approve difficult tax hikes, spending cuts or both.

Meanwhile, a credit-watchdog agency has downgraded the ratings of New York City’s bonds due to the gloomy outlook for the Big Apple’s pandemic-ravaged economy.

The Fitch bond-rating agency on Tuesday dropped its grade on $38 billion worth of city generalobligation bonds from AA to AA–, which could raise the interest rates the city or city-backed entities must pay to attract lenders.

The downgrade includes $2.7 billion in debt for the Hudson Yards Infrastructure Corp. created by the city in 2005 to finance the extension of the 7 subway line and other capital projects tied to the Far West Side development.

Wednesday’s tax-talk session also comes as the New York City chapter of the Democratic Socialists of America is waging a phone-bank campaign urging voters to pressure their state representatives to back raising taxes on the wealthy as an alternative to cutting spending for the needy.

Benedetto said that while the lame-duck Congress — or President-elect Joe Biden and the new Congress — might cough up money to aid cash-starved state and local governments, it’s unlikely it will be enough to cover Albany’s massive deficit.

“It was a very sober meeting. There’s going to be more sober meetings. It’s heavy stuff,” Benedetto said.

The lawmakers discussed raising state income-tax rates on millionaires and billionaires and imposing a stock-transfer tax and a pied-à-terre tax on second homes, among other potential measures to raise billions of dollars in additional revenue.

Currently, sports betting in New York is permitted only in person at a few upstate casinos.

It’s a given . . . we’re going to be billions of dollars short [on the new state budget].

— Assembly Education Committee Chairman Michael Benedetto (left)