Gov. Kathy Hochul and her husband, William, reported a combined income of $1.86 million in 2025, nearly 25% more than they disclosed the year before. On paper, the couple lists Buffalo as home base, but their filings say they spent 12 full months in New York City, which puts them on the hook for the city’s combined state and local income tax. The documents flesh out where the money came from and how much the family turned over to the government last year.
What the tax documents show
The couple’s 2025 tax filings show $1.86 million in total income, with Gov. Hochul taking in $250,000 and William Hochul reporting roughly $1.3 million, according to Spectrum News NY1. The returns also list a $102,960 deferred payment from Delaware North and a pension distribution of just over $48,000 for the first gentleman. Altogether, the figures mark an increase from the roughly $1.5 million the couple reported in 2024.
First gentleman's new role
After leaving Delaware North, William Hochul joined Davis Polk & Wardwell’s white-collar practice, a move the firm announced in a press release on Business Wire. His return to private practice helps explain the sizable bump in pay reflected in the couple’s returns. The disclosures also show the family is firmly bi-city and then some, maintaining a Manhattan rental alongside a home in Buffalo and a vacation property in Virginia.
Taxes, donations and overseas holdings
The filings show the Hochuls paid about $592,000 in federal tax, roughly $117,000 to New York State and about $66,000 to New York City. They also reported just over $78,000 in charitable contributions to groups including Planned Parenthood and Covenant House. On the investment side, the returns list stakes in foreign companies such as Toronto-Dominion Bank, AstraZeneca and a Netherlands holding tied to Ferrari, and they note a trust set up by the governor’s late mother. In a statement to Spectrum News NY1, a spokesman for the governor said more detail about the couple’s investments will be provided in a filing with the state ethics agency on May 15.
Why it matters
The disclosures land in the middle of a charged debate over whether high earners should shoulder more of the load to close municipal and state budget gaps, a fight that has revived ideas like a pied-à-terre surcharge, according to the Associated Press. That broader conversation is unfolding as New York’s public officials face a May 15 deadline to file annual financial disclosures, a requirement spelled out by the New York State Commission on Ethics and Lobbying in Government. For the Hochuls, that filing is expected to serve as the vehicle for fuller public disclosure of their investments.
What to watch
Keep an eye out for the state ethics filing around the May 15 deadline for more granular detail on the Hochuls’ holdings and for any follow-up from the governor’s political opponents. The newly released returns add fresh numbers to a fiscal debate that is likely to shape messaging as Hochul heads into her re-election campaign.
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