BUFFALO, N.Y. (WBEN) – Governor Andrew Cuomo on Wednesday outlined the state’s $212 billion budget, which includes increases in spending by nearly 10% and an increase in taxes for New Yorkers.
Tax rates for millionaires are increasing as part of this budget, though the governor said a repeal of the federal cap on state and local tax deductions would actually mean a net-decrease in taxes for middle-class residents.
“The federal senate and the House of Representatives have promised to repeal SALT,” Cuomo said. “When SALT was passed, it was passed during the Trump administration. It was a targeted assault on New York State and several other democratic states.”
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The state believes legalization of marijuana and mobile sports betting will both allow for an increase in tax revenues.
There will also be a $2.1 billion fund for undocumented immigrants and other workers who have been excluded from COVID-19 assistance.
“Just because you are not undocumented doesn’t mean we don’t care and don’t have compassion and don’t want to help,” Cuomo said. “It is difficult to do it in a way that can be administered without fraud. That’s obviously a major concern for us to protect every single tax dollar.”
Cuomo said the Excluded Worker Fund will not take effect until it receives approval from New York Comptroller Thomas DiNapoli.
Governor Cuomo described this budget as the most difficult one yet and believes it will transform the state's economy for the next several decades.