Assembly gives final OK of $135B NY state budget

Mar 29, 2013

Credit WAMC Photo by Dave Lucas

New York has its third straight on-time budget after decades of missed deadlines.

The Assembly passed the final bills of the $135 billion spending plan just before midnight Thursday.

The budget approved by the Senate Wednesday is due Sunday, the start of the new fiscal year.

Major elements of the budget negotiated by Gov. Andrew Cuomo and legislative leaders includes $350 tax rebate checks for most middle class families and a new minimum wage that will rise to $9 over three years.

The budget also raises billions of dollars by extending two taxes that were due to expire — an income tax surcharge on millionaire earners and a business tax on energy costs.

Businesses will get additional tax breaks including one to encourage the hiring of recent veterans.

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