They’re six days late, but New York State lawmakers and Governor Andrew Cuomo have agreed on a $212 billion state budget.
The budget includes $5.5 billion in federal aid, leading the Republican minority in the legislature to complain that it relies too much on federal dollars. It also includes $4.3 billion in revenues from raising taxes on corporations and on New Yorkers who earn more than $1 million per year. That gives the top one percent in New York the highest tax rate in the nation.
The Budget supports the Governor’s $311 billion infrastructure plan that he says will create thousands of jobs across the State by upgrading roads, bridges, railroads and airports. It also includes a program to provide affordable internet by requiring internet service providers to offer a $15 per month high-speed internet plan to qualified low-income households.
The Budget supports $29 billion in public and private green economy investments to create 12,400 megawatts of green energy – enough to power 6 million homes – helping to fulfill the goals of New York’s Climate Leadership and Community Protection Act and also spur the COVID economic recovery. The investments include the largest offshore wind program in the nation, plans to make New York a global wind energy manufacturing powerhouse, constructing a green energy transmission superhighway, a public-private partnership to build nearly 100 renewable energy projects and supporting transit agencies’ transition to electric buses.
The Budget also continues the phase-in of the middle class tax cut, which is expected to save 4.8 million New Yorkers over $2.2 billion this year.