FILE PHOTO
The Capitol building in Albany.
Six days after it was due, Gov. Andrew Cuomo and New York State’s legislative l
eaders announced a final agreement on a $212 billion dollar budget deal. It increases taxes on the wealthy and adds funds for schools, renters and small businesses — including restaurants — that struggled financially during the COVID-19 pandemic.
The Senate and Assembly held a marathon session that was expected to last well into Tuesday night to approve the budget bills.
The budget increases taxes on the wealthy and corporations by $4.3 billion when fully implemented, with an increase in the personal income tax rate on New Yorkers making more than $1 million — from 8.82% to 9.65%. It adds two new higher tax brackets — 10.3% for those making over $5 million, and 10.9% for those earning over $25 million. Corporate franchise taxes will also be going up, from 6.5% to 7.25%.