Governor Kathy Hochul is working to establish New York as a leading hub for artificial intelligence firms, pointing to the state’s favorable tax structure for wealthy individuals, strong energy resources, and diverse immigrant workforce as key advantages in the global AI race.
In an interview with Bloomberg TV on Wednesday, Hochul emphasized her goal, saying she wants New York to rank first in the field. She added that competitiveness with other states remains a top priority and stressed her position against raising income taxes for high-net-worth residents. According to her, the message to innovators and investors is that New York is committed to nurturing technological growth.
Similar to other state administrations, Hochul faces the dual challenge of encouraging AI-driven economic expansion while also addressing public concerns about the risks of the technology. Among these are debates over its impact on mental health and the broader need for safeguards.
Earlier in June, New York lawmakers approved the Responsible AI Safety and Education Act, legislation that would require companies to adopt security protocols and conduct safety evaluations before releasing AI systems. The bill is now awaiting Hochul’s decision, although she has not yet indicated whether she intends to approve it.