Cuomo Proposes $127.2 Billion State Budget With Tax Cuts
ALBANY, N.Y. (AP) – New York Gov. Andrew Cuomo has proposed budgeting $137.2 billion for the fiscal year starting April 1, an increase of less than 2 percent accompanied by business, property and estate tax relief.
The budget he’s releasing Tuesday projects 3.8 percent increases for Medicaid and state funding for schools while keeping many other spending lines flat.
Cuomo wants to establish statewide pre-kindergarten programs over the next five years, a $2 billion bond act subject to voter approval to bring broadband and computers to classrooms and expanded after-school programs.
He would cut the tax rate on net corporate income from 7.1 to 6.5 percent.
Counted separately from the budget, the administration estimates another $2.4 billion in federal recovery funds for rebuilding from Superstorm Sandy and $2.5 billion for New York’s implementation of the federal Affordable Care Act.