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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.

2024-12-26T17:14:31-05:00March 26th, 2024|Education, Featured on Home, Policy & Research, State Budget, Tax & Budget|
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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.

2024-12-20T00:58:13-05:00March 26th, 2024|Featured on Home, Housing, Policy & Research, Social Policy, State Budget, Tax & Budget|
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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?

2024-12-18T16:04:38-05:00March 26th, 2024|Featured on Home, Housing, Policy & Research, State Budget, Tax & Budget|
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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.

2024-12-18T15:58:18-05:00March 19th, 2024|Blog, Featured on Home, Healthcare, State Budget, Tax Policy|
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Fiscal Analysis: 2025 Revenue To Exceed Projections by At Least $4 Billion

The DOB’s assumed growth rates for State revenue are unusually low by historical standards, and are out of sync with most forecasts of U.S. economic growth over coming years. FPI expects State revenue growth in fiscal year 2025 will likely exceed current forecasts by at least $4 billion.

2024-12-19T09:19:56-05:00March 15th, 2024|Featured on Home, Must Read, Reports, Briefs and Presentations, State Budget|
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One-House Budgets Wisely Raise Taxes On Wealthiest New Yorkers — But Only Temporarily

In light of New York’s affordability crisis and the need for deeper State investments to lower the cost of living, the one-house budgets wisely invest in affordable housing, healthcare, and higher education. Additionally, the legislature sensibly rejects the Governor’s proposed cuts to public schools and home care worker wages.

2024-12-19T09:19:57-05:00March 12th, 2024|Featured on Home, Press Releases|
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What to Look for in the One House Budgets

The New York State Senate and Assembly will soon release their proposals for the fiscal year 2025 budget. Following last week’s revenue consensus, the legislature will be able to propose $1.3 billion more in spending than the executive budget. This additional revenue will allow the legislature to restore many of the budget cuts proposed by the executive budget, especially to school aid and home care. The legislature can, however, go beyond restoring the proposed cuts and put forward deeper investments in public services that address New York’s affordability crisis. These investments will require raising additional revenue.

2024-12-19T09:19:57-05:00March 11th, 2024|Featured on Home, Policy & Research, Reports, Briefs and Presentations, State Budget|
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FPI: Mayor’s Continued Budget Cuts Are Unwarranted and Fiscally Irresponsible

"Improving tax receipts and new State aid, combined with lower asylum seeker costs and the customary use of annual reserves, are more than sufficient to balance next year’s budget" ALBANY, NY | In response to the New York City Preliminary Budget for Fiscal Year 2025, Fiscal Policy Institute Director Nathan Gusdorf released the following statement: “Given the City’s improving fiscal outlook, the Mayor’s continued budget cuts are both unwarranted and fiscally irresponsible. “Improving tax receipts and new State aid, combined [...]

2024-12-19T09:19:57-05:00January 16th, 2024|City Budget, Featured on Home, FPI in the News, Press Releases|
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New: Expiring Tax Rates to Drive Down Expected Fiscal Year 2028 Revenue

By Andrew Perry, Senior Policy Analyst January 2024 Approximately $2.4 Billion of FY28 budget gap will be due to the Personal Income Tax and Corporate Franchise Tax surcharge expirations. In the fiscal year 2022 budget, New York enacted temporary increases to the personal income tax (PIT) and corporate franchise tax (CFT) rates. PIT rates were raised for tax filers with more than $1 million in annual income, and new brackets were created for filers with incomes over $5 million [...]

2024-12-19T09:19:57-05:00January 16th, 2024|Fact Sheets, Featured on Home, Must Read, State Budget|
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