NYS Budget

Executive Summary: New York State Economic and Fiscal Outlook FY 2017

February 3, 2016. Vice President Joe Biden once said, “Don’t tell me what you value, show me your budget, and I’ll tell you what you value.” Governor Cuomo’s 2017 Executive Budget advances some bold and progressive proposals that well reflect the values and needs of New Yorkers. In particular, the governor has shown great leadership and vision in forcefully advocating for a first-in-the nation statewide $15 minimum wage. If enacted, the minimum wage increase would lift the incomes of 3.2 million New Yorkers who desperately [...]

Testimony at the Joint Legislative Public Hearing on the FY 2017 Executive Budget – Taxes

February 2, 2016. Executive Director Ron Deutsch testified before the Senate Finance and Assembly Ways and Means Committees on the Governor’s FY 2017 Proposed Budget and Financial Plan. Income inequality has increased in New York during the recovery with income for the 1 percent growing faster than the average income for everyone else. New York’s combined state and local tax structure is regressive and several rounds of substantial multi-year tax cuts in the past three years have done nothing, on net, to make the tax [...]

Testimony: Overall Impact of a $15 State Minimum Wage

January 7, 2016. James Parrott testified at a New York State Senate Standing Committee on Labor hearing. In his conclusion, Parrott asserts that it would be sound public policy for New York State to phase in a $15 an hour minimum wage. Considerable economically sound research supports the conclusion that the businesses can accommodate such an increase. A higher wage floor would generate significant cost savings due to reduced turnover and there is room for modest price increases to ease the adjustment without jeopardizing overall [...]

Statement on Mayor’s Budget Commitment to Increase Wages for Low-wage Nonprofit Social Sector Workers

May 8, 2015. Contact: James Parrott, Deputy Director, Fiscal Policy Institute, 212-721-5624 "The Federation of Protestant Welfare Agencies (FPWA) and the Fiscal Policy Institute (FPI) applaud the Mayor for including in his Executive Budget a first-ever $11.50 per hour wage floor for the City's contracted social service workforce. FPWA and FPI have been advocating for this important commitment over the past year. This will mean a big earnings boost for 10,000 workers whose wages currently average less than $10.00 per hour. These front-line workers, many [...]

Executive Actions on Immigrants Will Bring Increased NY Tax Revenue

April 16, 2015. A new 50-state study, Undocumented Immigrants’ State and Local Tax Contributions, by the Institute on Taxation and Economic Policy finds that undocumented immigrants’ tax contributions would increase significantly under the Obama Administration’s executive actions and even more substantially under comprehensive immigration policy reform. The report is being co-released in New York by the Fiscal Policy Institute and is particularly relevant in connection with the hearing tomorrow, Friday April 17, on executive action at the 5th Circuit Court of Appeals. The report’s key [...]

Summary of Selected Tax Provisions in 2015-2016 State Budget

April 14, 2015. The Final FY 2015-16 budget is more notable for the tax proposals that were left out than for what is included. In the FY 2015-16 Executive Budget, the governor proposed three major tax changes: a new property tax circuit breaker for low- and middle-income homeowners and renters, an education tax credit, and a modest reduction in taxes on small corporations. None of these changes were included in the final budget, however, property tax relief and the education tax credit are expected to [...]

Initial Response to Budget Agreement on Revenue Bill: No Property Tax Relief and No Reform of Tax Credits; But Wealthy Get Sales Tax Exemption on Luxury Yachts

March 30, 2015. "It appears our legislative leaders couldn't agree to provide tax relief to struggling homeowners and renters through a middle class property tax circuit breaker but managed to find the political will to provide sales tax exemptions for people buying luxury yachts. This seems like a case of some seriously misplaced priorities," said Ron Deutsch, executive director of the Fiscal Policy Institute. "We are also dismayed that the IDA tax credit reform proposal advanced by the Governor did not make it into the final [...]

2015-04-10T13:07:44-04:00March 30th, 2015|NYS Budget, NYS Tax Policy, Press Releases, Tax & Budget|

Budget Savings from a Minimum Wage Increase

March 27, 2015. As negotiations over New York State’s budget draw to a close, Governor Cuomo and the legislature are trying to hammer out an agreement to raise the state’s minimum wage, which is currently just $8.75 and is currently scheduled to top out at $9.00 at the end of this year. Both Governor Cuomo and the Assembly have proposed measures to raise New York State’s minimum wage, including a higher minimum wage level for New York City in the Governor’s bill, or, in the [...]

Comparison of the Executive, Assembly, and Senate Education Proposals FY 2015-2016

March 24, 2015. The governor’s Executive Budget proposal would increase school aid by $1.07 billion. The increase in school aid is contingent on passage of a package of changes to teacher evaluation, tenure, and other procedures called the Education Opportunity Agenda. The budget also includes an Education Tax Credit which would provide a large credit for donations to schools and the Dream Act which would provide tuition assistance to undocumented immigrants who came to the country as children. The Assembly’s proposed budget would increase school [...]

Comparison of the Executive, Assembly, and Senate Property Tax Relief Proposals FY 2015-2016

March 23, 2015. The governor’s Executive Budget proposal includes a significant new property “circuit breaker” that would provide relief to households (both owners and renters) whose property taxes are unreasonably high relative to their income. Circuit breakers address a serious shortcoming of the property tax—that payments are not linked to the taxpayer’s ability to pay. The State Assembly’s proposed budget also included the circuit breaker with an important modification—removing the link to the property tax cap. The Senate, in contrast, replaced the circuit breaker with [...]

Policy Brief: Schools and Poverty

March 17, 2015. The state can improve low-performing schools and help students who face learning barriers by increasing funding for key education programs and poverty-fighting efforts. Proposals by the governor and the legislature are a start, but still fall short of what is needed. In a report issued in February, the state identified 178 schools in 17 school districts as “priority” or “failing” schools. These schools score in the bottom 5 percent in student proficiency tests or have low graduation rates, or both. The school [...]

2020-11-13T15:04:35-05:00March 17th, 2015|Creating Vibrant Communities, Education, NYS Budget|

Briefing on Mayor deBlasio’s Preliminary FY 2016 NYC Budget: Addressing Needs and Budgeting Cautiously as the Recovery Progresses

March 10, 2015. FPI's FY 2016 New York City budget briefing includes: An overview of the Mayor’s Preliminary FY 2016 Budget proposal, with a particular focus on new human services spending initiatives in the context of changes in human services spending in recent years. The social and economic context in New York City at the beginning of 2015: the unevenness of the recovery and wage, income and employment trends. The presentation will review the extent and persistence of low wages in the social services contract [...]

Briefing on Mayor deBlasio’s Preliminary FY 2016 NYC Budget: Addressing Needs and Budgeting Cautiously as the Recovery Progresses

March 10, 2015. In his briefing of NYC Mayor Bill deBlasio’s second budget, FPI’s James Parrott notes: several positive budget changes; strong job and tax growth, but uneven gains for workers and families; budget outlook improving; and items still to be addressed on the budget front.

Policy Brief: Education Tax Credit

March 2, 2015. The Executive Budget includes an Education Tax Credit (ETC) that would provide individuals and businesses with a substantial credit against income taxes owed for donations to private and public schools, or scholarship organizations. The governor’s legislation proposes a 75 percent credit rate, with individual credit amounts capped at $1 million. Any unused credit could be carried over to a subsequent year. Both businesses and individuals would be eligible to receive the credit on personal or corporate income tax returns. Total credits would [...]

A missed opportunity: Gov. Andrew Cuomo’s proposed budget needs to firmly invest in the Empire State

February 15, 2015. Gov. Andrew Cuomo's budget proposal takes some positive steps forward in clearly acknowledging, for the first time in his tenure, the incredible child poverty and income inequality that exist in our generally affluent state. He also wisely recognizes the need to give greater property tax relief to those who need it most rather than spreading it too thinly. However, for every step forward the governor takes in addressing some critical issues, he takes two steps back by continuing his austerity spending at a [...]

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