Provided by Dow Jones
By Jimmy Vielkind ALBANY, N.Y. New York state lawmakers began approving a new state budget Tuesday after agreeing to a roughly $2 billion fund that would provide cash payments to immigrant workers living in the country unlawfully who didn t receive federal benefits during the coronavirus pandemic. The budget will total more than $212 billion for the fiscal year which started on April 1, including $112.2 billion for state operations, State Sen. Liz Krueger said during a floor debate. The spending plan is buttressed by billions of dollars in federal aid and $4.3 billion in annualized revenue from increasing corporate taxes and income taxes on the state s top earners.
NY lawmakers begin passing $212B state budget newsday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsday.com Daily Mail and Mail on Sunday newspapers.
Karen DeWitt / WAMC
Democrats in New York have come to an agreement on this year’s state budget, which will total $212 billion in spending and accomplish several legislative items, including the legalization of online sports betting and a new fund for workers excluded from unemployment benefits.
Gov. Andrew Cuomo announced the deal Tuesday afternoon as lawmakers began voting on a package of bills that make up the budget. We not only balanced our budget, we are also making historic investments to reimagine, rebuild and renew New York in the aftermath of the worst health and economic crisis in a century,” Cuomo said.
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%.
Cuomo, lawmakers reach final deal on budget
FacebookTwitterEmail
This photo shows an exterior view of the New York state Capitol Monday, April 1, 2019, in Albany, N.Y. (AP Photo/Hans Pennink)Hans Pennink, FRE / AP
ALBANY A three-way deal has been reached between the Senate, Assembly and governor on how to spend $212 billion of public money for next year, the state s top leaders said Tuesday evening.
It s the largest budget of Gov. Andrew M. Cuomo s 10-year tenure and it s significantly larger than his version of the budget proposed in January. The budget is $217 billion total, with $5 billion planned for future years, about an $18 billion increase from last year. Progressives praised the major investments in education and other areas, while Republicans panned the largesse and direction of the spending.