NY State Budget Winners and Losers
Monday, April 01, 2013
The New York state budget passed just before the April 1st deadline. Casey Seiler, Capitol bureau chief and columnist for the Albany Times-Union, explains the winners and losers in this year's budget, and who spent the most money lobbying last year.
Some Highlights from the $141.3 billion Budget
- Starting 2014, families earning between $40,000 and $300,000 will be eligible for a $350/year new child tax credit.
- The so-called “millionaire’s tax” on top earners is extended through 2017; it was set to expire in 2014.
- The budget includes tax credits for businesses that hire youth and a permanent tax credit for those that hire veterans.
- Over the next three years, the minimum wage will incrementally increase from $7.25/hour to $9/hour.
- $90 million is cut to the Office of People with Developmental Disabilities.
- Education funding is increased by $1 billion.
- While the ban on seven-round magazines is suspended, the budget sets aside $28 million to create a state-wide gun database.