Update on the 2015-2016 state budget

The New York State Senate and Assembly have both passed their one-house budget resolutions. These resolutions serve as a template for negotiation towards the final state fiscal year budget due by April 1, 2015. Overall the proposals show differences still to be resolved over property taxes, education, ethics reform, minimum wage, criminal justice matters and billions in capital spending for roads and public transportation systems.

Of interest to NYSAR, both the Senate and Assembly proposals eliminate the governor’s plan to cap the actual dollar amount of basic and enhanced STAR benefits to property owners, and his plan to gradually convert the STAR program from a program that offers a real property tax exemption into a program that offers a personal income tax credit. For NYSAR’s full summary, click here.