Tuesday, April 11, 2017

$153 billion budget provides free SUNY & CUNY tuition, raises the age, and allows ridesharing upstate

Gov. Andrew Cuomo, Senate Majority Leader John Flanagan, Senate Independent Democratic Conference Leader Jeffrey Klein, and Assembly Speaker Carl Heastie on Friday announced an agreement on a $153.1 billion budget for fiscal year 2017-2018.

State operating funds spending is $98.1 billion for the 2017-2018 fiscal year — an increase of 2 percent. State operating funds exclude federal funds and capital.

The budget increases education aid by $1.1 billion, including a $700 million increase in Foundation Aid, bringing the new education aid total to $25.8 billion, or an increase of 4.4 percent. It also increases Medicaid state share funding to $23.5 billion.
Highlights touted by the governor and legislative leaders include:

Reducing taxes to record lows for middle-class New Yorkers

The budget lowers the personal income tax rates for middle-class New Yorkers. With the middle class tax cuts of 2012, rates were lowered from 6.85 percent to 6.45 percent for taxpayers in the $40,000-$150,000 income bracket, and to 6.65 percent in the $150,000-$300,000 income bracket.

Under these new reforms, the rate will drop even further this year and will continue to drop all the way to 5.5 percent and 6 percent, respectively, when the cuts are fully phased in.  Read full list of budget items here 

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