Here’s what you need to know about Cuomo’s budget plan
The Associated Press
Here are details from the $141.6 billion state budget proposal announced Wednesday by Gov. Andrew Cuomo:
— Small-business tax cut would reduce rate for 42,000 businesses from 6.5 percent to 2.5 percent over three years.
— New property tax credit for homeowners whose tax burden exceeds 6 percent of their income, so long as their income is below $250,000 and their communities abide by a tax cap.
— Increase school funding by $1.1 million.
— Raise the cap on number of authorized charter schools by 100 to 560.
— Overhaul teacher evaluation and tenure systems to enhance standards.
— Provide a tax credit for donations to public schools or private school scholarships.
— Create a $43 million student loan repayment program to help 7,100 recent graduates.
— Extend financial aid to students in the country illegally.
— Minimum wage: Would increase to $10.50 an hour statewide and $11.50 in New York City by end of 2016. Wage is now $8.75 per hour and is slated to rise to $9 at the end of the year.
— Seven upstate regions would compete for three $500 million economic development prizes.
— New state office would streamline business licensing.
— $65 million investments in ports and rail hubs.
— A trade mission to Cuba and five other countries focused on opening new markets for New York companies.
— $1.2 billion for state Thruway system to avoid toll hike this year and reduce future toll increases on the new Tappan Zee Bridge.
— $500 million to expand broadband access in rural parts of upstate.
— New rail link to LaGuardia Airport, at a cost of $450 million.
— $250 million for four new Metro-North stations connecting the Bronx to Penn Station.
— $750 million to the Metropolitan Transportation Authority for new buses, subways and system upgrades.
— $750 million for maintenance and upgrades to roads and bridges around the state.
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