New York Legislature passes $212 billion budget

New York Legislature passes $212 billion budget

04/08/2021

The state Legislature passed New York’s 2021-2022 budget late Wednesday night — as the Assembly gave the $212 billion spending plan its final approval.

Passage in the lower chamber came about 20 hours after the state Senate passed the overdue plan at around 3:30 a.m. Wednesday.

“This year’s budget is far-reaching, addressing historic inequities & helping us recover from COVID-19,” Assembly Speaker Carl Heastie wrote on Twitter after his chamber finished voting.

“These investments to put New York families first wouldn’t be possible without raising revenues in” the state, he wrote.

Two main sources of revenue for the state adopted in the new budget will come from the legalization of recreational marijuana and sports betting.

The state is expected to collect more taxes in the year ahead, with high-income earners facing elevated state income tax rates.

Earlier Wednesday, before the budget had even passed both houses, Cuomo hailed the massive spending plan.

“This budget is certainly the most robust, most impactful, most important budget that we have done in this state, I believe in modern history,” Cuomo said during a press briefing.

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