ALBANY, N.Y. (AP) - New York Gov. Andrew Cuomo and legislative leaders have reached a deal on a $140 billion budget that provides some tax relief for businesses, homeowners and renters.
Details of the agreement are contained in legislation filed by staff members overnight Friday. It covers the budget for the fiscal year starting Tuesday.
Lawmakers are expected to return Sunday to discuss the bills and vote Monday.
The 332-page revenue bill lists property and renter's tax credits through so-called circuit breakers, tax credits for families and revisions in bank, corporate, manufacturers and estate taxes.
Some highlights of the 2014-15 State Budget agreement are listed below:
Property Tax Relief
- $1.5 Billion in Property Tax Relief
- Designed to incentivize local governments to share services and reduce their financial burden on the taxpayer.
Cutting Taxes and Creating Jobs
- Cutting Manufacturer's Taxes to Zero
- Establishes a 20% real property tax credit for manufacturers who own or lease property and lowers the tax rate on income for manufacturers from the current 5.9% to zero in 2014 and after.
- Accelerated Phase-out of 18-A Utility Surcharge
- New Yorkers currently pay some of the highest energy bill in the nation and the temporary utility assessment exacerbates this burden on struggling businesses and families. This Budget will save businesses and residents $600 million over the next three years.
- Continuing the Success of the REDCs
- Provides $150 million in flexible new economic development capital funding and $70 Million in State tax credits for a fourth round of the REDC process.
- Fulfilling Commitment to Western New York
- Promotes the Governor's $1 Billion commitment to revitalize Buffalo's regional economy by including $680 Million in new capital appropriations for the "Buffalo Billion" program.
Major Education Investments and Reforms
- School Aid
- Includes a $1.1 billion (5.3%) increase in education aid for the 2014-15 school year. High-needs school districts will receive nearly 70% of the 2014-15 allocated increase.
- Reform Common Core Implementation
- Puts into law a series of recommendations to immediately improve the implementation of the Common Core in the state, including banning standardized "bubble tests" for young children, protecting students from high stakes testing based on unfair results, insuring instructional time is used for teaching and learning and not over-testing, and protecting the privacy of students.
- Statewide Universal Full-Day Pre-K
- Commits to investing $1.5 Billion over five years to support the phase-in of Statewide Universal Full-Day Pre-K program.
- Protect Charter Schools
- Increases tuition funding for charter school students over three years: $250 per student, first year, $350 for the second, and $500 in the third. Charter schools will be eligible for Pre-K funding.
- Smart Schools
- Includes a $2 Billion general obligation bond act, which will fund enhanced education technology in schools, with eligible projects including infrastructure improvements to bring high-speed broadband to schools and communities in their school district, and the purchase of classroom technology for use by students.
Restoring Public Trust
- Reforming Public Trust
- Includes further reforms to ensure New Yorkers have confidence that their elected officials are serving them honestly and with transparency. Proposals include tough new anti-bribery and anti-corruption laws, a test of public financing of elections at the state level.
New York Cleaner
- Environmental Protection Fund
- Includes $162 Million for the EPF, and increase of $9 Million from 2013-14.
New York Safer
- Crack-Down on Youth Texting-While-Driving
- Young and new drivers convicted of texting-while-driving will have their license suspended for 120 days on 1st offense, and a year for the 2nd offense.
New York Fairer
- Fund the Commission of the Youth, Public Safety and Justice
- Includes funding for the Commission to make recommendations on how best to raise the age of juvenile jurisdiction, improve outcomes for youth, and promote community safety.
For more information about the budget, visit governor.ny.gov.