Gov. Cuomo Proposes $137 Billion Dollar Budget, No New Taxes
Governor Andrew Cuomo released his proposed budget yesterday, the $137 billion spending plan closes a $1.4 billion budget gap without any new taxes or fees, and it would increase state spending by 2 percent over the current budget.
School aid statewide would go up 3 percent to $20.8 billion next year, compared with $20.2 billion this year.
The governor’s budget depends on programs to boost the Upstate economy with a mix of innovation grants, tax-free stores for local products and a third round of awards for regional economic councils.
The governor also wants to put new money toward building up women-owned and minority-owned businesses, lowering power costs, and an extra $110 million toward SUNY and CUNY campuses.
While the budget proposes no new taxes or fees, it does extend some taxes that would otherwise have expired or been reduced. It also raises some fees and penalties; for example, the penalty for possession unstamped cigarettes will rise from $150 to $600 a carton.
Cuomo would also allow smaller stores that don’t serve alcohol to offer Quick-Draw, a change that is expected to bring an extra $24 million in increased aid for education.
The New York State Legislature faces a March 31 deadline to approve a budget. The new spending year starts April 1.