Governor and Legislative Leaders Announce Jobs and Economic Growth Plan
Governor Andrew Cuomo, Senate Majority Leader Dean Skelos (R-Rockville Centre), and Assembly Speaker Sheldon Silver (D-Manhattan) today announced an agreement on a package of proposals intended to spur economic growth and reduce taxes for middle class residents in New York State. The package includes measures to create jobs through investments in New York’s infrastructure, restructure the tax code to reduce taxes for middle class residents, approve an additional $50 million in relief funds for areas impacted by recent floods, pursue a gaming initiative, and reduce the Metropolitan Transit Authority (MTA) payroll tax for small businesses.
The tax adjustments are expected to raise $1.9 billion a year. The state currently faces a projected next year deficit of about $3.5 billion.
The package of proposals is pending legislative approval. An official time for special session has not yet been set, although reports indicate that it could take place as early as tomorrow. Contact: Sara Rosenberger