GOVERNOR CUOMO UPS EDUCATION AID in New Budget, Delivers Opioid Surcharge, Imposes Windfall Health Insurance Surcharge, Phases in Middle Class Tax Cuts, Defers Large Corporate Tax Credits

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WPCNR ALBANY ROUNDS. From the Office of Governor Andrew M.Cuomo. January 17, 2018:

Governor Andrew M. Cuomo ¬†unveiled the FY 2019 Executive Budget Tuesday, which continues the state’s efforts to deliver on the promise of progressive government by protecting taxpayers against devastating federal action, strengthening the middle class, cutting taxes and making smart investments in New York’s future. For the eighth consecutive year, the Budget is balanced and holds spending growth below two percent.

The robust agenda includes a number of proposals – from fighting the federal tax assault to ending the opioid epidemic by holding pharmaceutical companies accountable to investing record amounts in education – that will continue to increase opportunity for New Yorkers and ensure the Empire State continues to serve as a beacon of equality, unity and fairness for the nation.

“For the past eight years, we have restored fiscal discipline while achieving historic progressive accomplishments and strengthening middle class New Yorkers. The FY 2019 Budget builds on our strong record and continues to move New York forward, by protecting taxpayers against the federal assault, investing in education to support and train the next generation, and implementing bold progressive policies to make New York a more just and fair state for all,” Governor Cuomo said. “Together, we will continue to deliver on the promise of progressive government -even while tackling unprecedented challenges head on. We will restore citizen confidence and ensure management competence. This bold agenda charts a path forward toward a better future for all New Yorkers.”

Highlights of the FY 2019 Executive Budget:

 

  • State Operating Funds spending is $100.0B – an increase of 1.9 percent (State Operating Funds exclude Federal funds and capital)
  • All Funds spending $168.2 billion for FY 2019
  • Protects New Yorkers from federal tax assault
  • Closes carried interest loophole
  • Increases School Aid by $769 million – doubling the statutory School Aid growth cap and bringing total investment to $26.4 Billion
  • Provides $7.5 billion in State support for higher education in New York- an increase of $1.4 billion or 24 percent since FY 2012
  • Provides $118 Million to continue the successful Excelsior Scholarship and extend the income cap to $110,000
  • Establishes a new opioid epidemic surcharge
  • Imposes a Healthcare Insurance Windfall Profit Fee
  • Defers Large Corporate Tax Credits
  • Continues the phase-in of the Middle Class Tax Cut for six million New Yorkers – saving households $250 on average and $700 annually when fully effective.

 

 

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