The New York State Senate has passed 2016-2017 budget proposal. The proposed budget would implement a combination of tax cuts and additional funding to help New Yorkers over the coming year.
The budget would bring personal income taxes for the State of New York to the lowest they’ve been in 70 years. The tax cuts would begin in 2018 and slowly increase through the year 2025. If passed, by 2025, income taxes would be 25% lower than they are currently.
Additional tax cuts for small businesses have also been included in the budget.
The proposed budget would provide a record amount of funding for schools. State tuition assistance to college would be increased, as part of several measures to make a college education less financially burdensome for students in New York.
$167 Million has also been allocated for the prevention, treatment, and recovery of illegal drug abuse.
The budget will now head to the State Assembly for their approval. If passed by the assembly, the proposal would then head to the Governor’s desk for final review before it can be passed into law.
