NEW YORK—State lawmakers agreed on a conceptual budget on March 20 and are on track to meet the April 1 deadline for the third year in a row. The agreement includes a package of tax cuts for businesses and a minimum wage increase.
The business tax cuts will total $300 million when fully phased in. The package includes tax reductions for small businesses, as well as tax credits for youth employment and veterans.
Middle-class families with at least one child and incomes ranging from $40,000 to $300,000 will receive a $350 rebate check, Governor Andrew Cuomo, a Democrat, said. The checks would not arrive until 2014, an election year for Cuomo and lawmakers, AP reported.
When approved, the new budget agreement would raise the minimum wage in New York from $7.25 to $9 over a period of three years.
The state’s total budget will be $135 billion, not counting Hurricane Sandy aid and affordable healthcare aid.
An aggressive economic development program worth $300 million is also planned with funds for the Empire State Development Corporation (ESDC).
Cuomo said that votes can be expected as early as Saturday and Sunday, March 23 and 24. Cuomo said that figures are approximate and subject to change.
“We’ve made a lot of good progress not just in this budget, but we’ve made a lot of good progress over the past two years,” said Cuomo.