Politics & Government
State Assembly Approves $135B Budget: Report
Plan includes aid for schools, minimum wage increase and tax rebate for the middle class.
The state Assembly has passed the final bills in a $135 billion budget for the 2013 to 2014 fiscal year, 1010 Wins reported.
Included in the budget is a minimum wage increase to $9 an hour over three years as well as a middle class tax rebate and $1 billion more for schools, including increased aid to CUNY and SUNY.
The plan also extends two taxes that were due to expire, including and income tax surcharge on millionaires and a business tax on energy costs.
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The city’s public school system gets an estimated $363 million increase in aid. But the budget will not restore $240 million that was lost by the city’s Department of Education for not having a teacher evaluation system in place.
Additionally, businesses could be eligible for some new tax breaks, including one that encourages the hiring of veterans, according to 1010 Wins.
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The budget is the third consecutive one passed on time by state legislators.
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