“This year’s state budget process takes place in an unfamiliar environment as the pandemic has forced us to throw out the usual playbook while the belated assurance of federal funds kept us all guessing. In this uncertain environment, seeing that the Assembly and Senate’s proposals align closely on revenue and fiscal priorities could mean that the state retains its ability to meet the April 1st budget deadline.

Big challenges require bold action and demand a combination of transformative vision and concrete commonsense response. The Legislature’s proposals show their willingness to consider a broad array of measures to ensure New Yorkers’ health and well-being Both the Senate and Assembly proposed increasing tax rates on top individual earners and on corporations, as well as pursuing tax expenditure reforms. With time left to negotiate, the possibility remains to include further tax policy measures.”

The strain of this past year has taken a toll on New York. Today’s one-house budget proposals reflect the need to repair the damage done to our physical, mental, and fiscal health. FPI believes this is a good starting point to build a more equitable New York, and we hope to continue to see more progressive action as the budget process continues.