NY Budget: 10 facts and figures

Wednesday, 17 Jan, 2018

Cuomo is vowing to fight back against Washington Republicans with a state budget proposal that lays out spending on schools and mass transit while also confronting greater uncertainty in federal funding.

The proposed study would also determine the criminal justice impact and consequences to NY state from legalization occurring in neighboring states, according to the governor's budget PowerPoint presentation. "You want to attack the income tax structure?" he said of the federal plan that he spent much of the fall fighting.

Earlier this month, Cuomo said his administration would file a lawsuit seeking to repeal the new federal tax law, arguing that it discriminates against states with high local and state taxes.

The state's fiscal year begins on April 1. This is less than the 4.2-percent increase originally anticipated.

He reminded legislators of what the state has accomplished in the seven years since he has been in office, such as capping property taxes at 2 percent and limiting spending increases each year to 2 percent. There will be an increase of 3 percent in school aid, less than the 4.2 percent previously projected. (It failed to win approval previous year.) He reiterated a call for the closure of the carried interest loophole, a federal tax that allows some hedge fund managers to pay a lower tax rate on revenue from investments.

Cuomo repeatedly sought to portray a climate of fiscal gloom facing New York State.

"We're looking at all options, " Cuomo said.

$70 billion for Medicaid: That includes federal aid, an increase of $1.7 billion or 2.5 percent. Senate Leader John Flanagan, R-Long Island, on Tuesday dismissed talk of a new payroll tax. Gov. Phil Murphy, who campaigned on legalizing marijuana, has said he'd sign legislation legalizing the drug if a bill is passed by the state Legislature.

Wall Street bonuses earned in a robust 2017 could help the state's bottom line in the upcoming fiscal year, but Albany leaders still face hard decisions while coming up with a spending plan, DiNapoli said.

"We have funded it 50 percent, New York City needs to fund it 50 percent", he said.

Even before the speech ended, Mr. Cuomo's call for a payroll tax - and his heated assessment of the direness of the situation - was drawing criticism.

"What do we need more in New York State than new industry?"

Two Central New York politicians are considering runs for governor.