ALBANY, N.Y. – Several days after its due date of April 1, New York legislators and Gov. Andrew Cuomo have finally come to an agreement on the $212 billion 2022 state budget.
The following key items were included:
- $29.5 billion in aid to schools
- $29 billion in public and private green economy investments
- $2.4 billion for rent and homeowner relief
- $2.4 billion for child care
- $2.1 billion for excluded workers
- $1 billion for small business recovery
- Affordable broadband internet
- Legalizing mobile sports betting
- Implementing comprehensive nursing home reforms
"Thanks to the state's strong fiscal management and relentless pursuit to secure the federal support that the pandemic demanded, 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,” said Cuomo.
It's is not yet clear what agreement was reached with the Oneida Indian Nation on mobile sports betting.
The highest-earning New Yorkers would also face the nation’s steepest income tax rate under this budget.
The wealth tax is considered a win for the Democratic party’s left wing, who say that millionaires in Manhattan penthouses have fared far better amid the pandemic then struggling small businesses and low-income New Yorkers.
States including California, Minnesota and Washington are also considering wealth taxes, raising taxes on capital gains or setting new top income tax rates.