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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.

2024-12-19T23:57:52-05:00July 24th, 2024|Climate, Fact Sheets, Social Policy, Tax & Budget, Tax Policy|

Statement on First Quarterly Update to FY 2025 Budget

The First Quarterly Update to the State’s financial plan indicates the State remains on strong fiscal footing, with modestly higher revenue than projected in the Enacted Budget financial plan and lower spending than expected. Measured as a share of total state personal income, State spending is set to fall, and is on par with its fiscal year 2016 level.

Who is Leaving New York State? Part II: Social Characteristics

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.

Enacted Budget Financial Plan Shows Healthy Fiscal Outlook

The fiscal year 2025 enacted budget totals $237 billion, an inflation-adjusted decline of 0.4 percent from fiscal year’s 2024 total budget. In non-inflation-adjusted terms (nominal dollars) this represents an increase from fiscal year 2024’s total budget of $231.6 billion.

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.

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.

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