Governor Cuomo and the State Legislature passed a new state budget for fiscal year 2019-2020. The $175.5 billion spending plan is a mixed bag for Buffalo Niagara employers. While it permanently caps property taxes, it also creates taxes and fees to cover new spending and close a deficit.
It’s a wrap on another year of state budget negotiations with the Governor and State Legislature reaching agreement before the April 1 deadline.
Governor Cuomo’s Executive Budget proposal looks to close the state’s $4.4 billion deficit with a series of revenue actions – government speak for new taxes and fees. The majority of these new taxes fall on the healthcare industry, continuing New York State’s long history of taxing healthcare to pay for healthcare. This reliance on healthcare taxes is one of the main reasons New Yorkers pay some of the highest healthcare premiums in the country and why Buffalo Niagara employers identify healthcare costs as a growing pain point.
The 2015 NYS budget season has come to a close with a final revenue bill that includes some key victories for our business community and critical infrastructure.
On the whole, the budget has been a great success for the economic future of the State.
The Partnership had several wins as part of the state budget process.
The New York State Budget is mostly on time this year (officially missing the midnight deadline by just a few hours).
Earlier this week, our Manufacturers Council, with the help of members Jaeckle Fleischmann & Mugel, LLP, Lumsden & McCormick, LLP and Summer Street Capital Partners, presented a briefing on the components of the 2014/15 state budget that will have positive tax implications for many qualified NYS manufacturers.