Yesterday, we reached an important milestone in the state budgeting process: the passage of the Assembly’s one-house budget resolution. The full budget proposal is available on the Assembly website; click here to access it.
For those who are unfamiliar with this process, this proposal is the Assembly’s response to the Governor’s budget proposal. The Senate has also put together its own budget proposal. Now that all three proposals are on the table, the Governor, the Senate and the Assembly will begin negotiating in earnest over what to include in the final state budget. The resulting budget will fund state operations for the fiscal year starting on April 1.
I have been very focused on advocating for a budget that prioritizes affordability and sustainability, and this budget proposal includes many provisions to do just that.
Middle-Class Tax Relief
This proposal includes significant middle-class tax relief, expanding eligibility for STAR property tax rebates and cutting income tax rates for households earning less than $323,200. It would also establish a new New York Works Tax Credit that would expand and enhance our existing Empire State Child Credit for families by including 17 year olds and increasing the maximum credit families can receive over time, among other changes. The maximum credit would be $550 in the first year, increasing to $1,600 once fully phased in. Our plan also accepts the Governor’s proposal to return a portion of the excess sales tax generated by inflation to households in the form of a $300-500 rebate check.
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