Governor Andrew Cuomo and the Legislature approved a $212 billion state budget this week, an immense spending plan bolstered by new state tax increases on the wealthy and massive federal aid, with major investments in education, infrastructure, the green economy, rent relief, benefits for undocumented immigrants, child care, and more. The budget includes direct and indirect support for New York City, aimed at reviving its economy and aiding its residents as the city begins to claw its way out of the throes of the coronavirus pandemic.
From rent relief to support for small businesses and tax credits for property owners and tourism, the state budget contains a great deal of aid for New York City and its residents, as well as a number of policy initiatives that impact the city. The state budget adoption now sets the stage for the city to move ahead with its annual budget process, with an updated spending plan for next fiscal year due from Mayor Bill de Blasio later this month, and a ne
WBFO Albany Correspondent Karen Dewitt reports
The Senate and Assembly held a marathon session that was expected to last well into Tuesday night to approve the budget bills. Early Wednesday morning, the Senate passed the deal and the Assembly is expected to follow.
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%.
arrow The Assembly Chamber during a recent Legislative Session at the New York state Capitol. Hans Pennink/AP/Shutterstock
New York’s state constitution requires that the legislature and the governor pass a budget by April 1st. That has not happened, as lawmakers and the governor continue to negotiate issues in the $217 billion budget that will affect millions of New Yorkers.
Thousands of pages of the 10billsthatcomprise the state budget have already been published for legislators and the public to hastily review. This language has been hashed out in meetings of the leaders of the two houses Senate Majority Leader Andrea Stewart Cousins, and Assembly Speaker Carl Heastie and Governor Andrew Cuomo, whose negotiating power has been diminished due to the mounting investigations into allegations of sexual misconduct and the mishandling of nursing home deaths caused by COVID-19.
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 ta
NY State Budget Makes Historic Commitment To Funding Public Schools
arrow Students at One World Middle School at Edenwald in The Bronx on October 1, 2020 NYC Mayor s Office
The New York State budget includes an unprecedented 11% increase in aid to schools, a welcome infusion of cash some education advocates attribute to the pandemic, a political power shift in Albany that put Democrats in control of both houses in the Legislature, and the scandals that have engulfed Governor Andrew Cuomo.
“When COVID hit, it just exposed the inequalities that we all knew existed,” said Jasmine Gripper, executive director of the Alliance for Quality Education, a non-profit that advocates for equitable school funding across the state’s nearly 731 districts. “Education was in the news more than it had been previously, and the gap between those who have and don t have was right in front of our faces.”