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Fact Sheet: Climate Change Superfund Act

Last month, both the Senate and Assembly of the New York State legislature passed the Climate Change Superfund Act (S.02129). The Act, first introduced during the FY 2022 budget cycle, would require the largest fossil fuel companies to pay a total of $75 billion — to be paid over 25 years in $3 billion annual increments — to New York State.

2024-09-23T17:31:39-04:00September 23rd, 2024|Climate, Fact Sheets, Featured on Home, Tax Policy|

Migration Brief: Families with Young Children and In Search of Housing Drive State Population Loss

The Fiscal Policy Institute today released a new report in its state migration series, "Who Is Leaving New York State? Social and Labor Characteristics", which finds that affordability — and in particular housing and the cost of raising a family — are increasingly driving State population loss.

Fact Sheet on Proposed Housing Deal

The housing deal currently under consideration in budget negotiations (as publicly reported) would create new tax incentives for affordable housing developers, weaken certain tenant protections passed in 2019, and impose a watered-down version of “Good Cause Eviction” with significant exemptions and loopholes.

Debunking Common Misconceptions about the Size of the State Budget

Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.

The Education Debate

Support for local school districts is New York’s largest single spending program, accounting for more than one-quarter of State spending. After fast spending growth over the last three years, the fiscal year 2025 executive budget aims to curb school aid spending growth. The legislative budget proposals would roll back the executive budget’s proposed cuts to school aid and provide additional support for public higher education. This funding would preserve the current scope of New York’s education system, rather than representing transformative new investments.

The Senate’s Housing Proposal

The Senate’s fiscal year 2025 budget proposal makes substantial progress toward a comprehensive, ambitious housing package. The policies included address the overall supply of housing using a combination of tax incentives for housing, changes to zoning regulations that will allow for more housing construction, and direct spending on new housing development. The Senate also allocates funds for legal services to support tenants and low-income homeowners. Finally, the Senate proposes the creation of the New York Housing Opportunity Corporation (NYHOC) to purchase and develop new affordable housing in the state.

This Year’s Housing Debate

Housing has again become a key area of negotiations in the current budget cycle. This year’s executive budget laid out a far narrower plan to address New York’s housing affordability crisis than last year’s budget proposal. Meanwhile, the Senate brought forward a new set of housing policy recommendations in its one-house budget proposal, attempting to comprehensively address the housing supply and affordability issues that currently plague the state. But what are these proposals — and are they enough to address New York’s housing crisis?

The Medicaid MCO Tax Strategy

The legislative one-house budgets come out firmly for higher Medicaid spending, restoring most of the governor’s cuts and offering significant rate increases. But how will they pay for it? The Senate and Assembly budget memos propose to raise $4 billion a year through an obscure mechanism: A tax on Medicaid managed care plans, the private insurance companies which administer most of the state’s Medicaid program.

2024-09-09T14:18:03-04:00March 19th, 2024|Blog, Featured on Home, Healthcare, State Budget, Tax Policy|
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