Cuomo releases state budget with emphasis on city improvements
The Times Ledger
Gov. Andrew Cuomo announced details of the fiscal year 2019 state budget with a message that tightened oversight of City Hall and stood defiant against the administration in Washington.
With increased sway over public schools under mayoral control, increased funding for NYCHA housing, plans for the eventual closure of Rikers Island and a middle- class tax cut designed to shield New Yorkers from the effects of the federal tax plan, the $168.3 billion state budget placed a heavy emphasis on improvements in the city.
The governor included a $4.2 billion middle-class tax cut to 6 million residents across the state, which should save an annual $700 per household in Phase I of the plan and will eventually save $4.2 billion for residents by 2025.
The Citizens Budget Commission said it was a good start, with more precautions needed further down the road.
“State lawmakers deserve credit for making changes to the state’s tax code in response to the Tax Cuts and Jobs Act,” a commission statement said. “Creation of an Employer Compensation Expense Tax, state and local funds for charitable contributions, and other technical fixes are changes needed to blunt the impact of the federal tax law, particularly for taxpayers that will be adversely affected by the cap on state and local deductions (SALT cap). The state’s decoupling from the federal tax code will also eliminate a $1 billion unplanned tax increase, but may present new challenges in administration.”