New York State Sen. James Skoufis (D, 42nd District), Liz Krueger (D, 28th District) and Sean Ryan (D, 61st District) have announced the completion and public release of a long-awaited, independent audit of New York state tax incentives.
The New York State Legislature passed the Revenue portions of the State’s 2022-23 Budget on April 7 (Assembly Bill A 9009C/Senate Bill S 8009C), and Governor Hochul signed it on April 9.
$311 Billion Infrastructure Plan: New York s $311 billion infrastructure plan includes the Governor s $211 billion 2020-24 plan and his $100 billion 2015-2019 plan. The evolving plan increased by $36 billion in the budget with the inclusion of new, key elements of the Midtown West Redevelopment of New York City beginning with Penn Station, Belmont Station Redevelopment, a $3 billion environmental bond act, transportation programs, and additional supportive, affordable, and public housing support, along with incremental adds to existing capital programs.
First-in-the-Nation Affordable Internet for Low-Income Families: The FY 2022 Enacted Budget includes first-in-the-nation legislation requiring internet service providers to offer an affordable $15 per month high-speed internet plan to qualifying low-income households. The State will also require providers to advertise this plan to ensure programs reach underserved populations across the State. To further bridge
Photo Courtesy of Mike Groll/Office of the Governor
“The story of COVID has many chapters we launched the battle last year and now we must not only finish it, but begin an aggressive post-COVID reconstruction,” Gov. Cuomo said.
By Forum Staff
Governor Andrew M. Cuomo today outlined the FY 2022 Executive Budget to reimagine, rebuild and renew New York in the wake of the ongoing COVID-19 pandemic.
The governor presented two budget options, depending on the level of funding the federal government provides to New York following the devastating economic impact of Washington’s failed COVID-19 response. The first option would support New York State’s ongoing war against the pandemic and aggressive post-COVID reconstruction plan. The second option – absent $15 billion in federal funding – would cause pain for New Yorkers by forcing the state to raise revenue, cut expenses and borrow.
Arts, entertainment, culture
The arts and cultural industries contribute more than $120 billion to the state economy in normal years, according to the state Council on the Arts, but many venues that cater to live audiences remain closed, and others operate with minimal staff and a fraction of their regular offerings. Among the assistance in the proposed budget:
New York City Musical and Theatrical Production Tax Credit: The new measure would provide up to $25 million in tax credits to jump-start the industry and support tourism in the city.
Musical and Theatrical Production Credit: This existing tax credit would be enhanced and extended for four years. To support musical and theatrical productions that happen in the state outside New York City, the budget extends the credit to 2025 and doubles it, to $8 million.