June 27, 2010

Assembly and Senate Introduce Revenue Bill

After Making Deep Cuts, Revenue Bill Helps Provide Relief to School Property Tax-Payers and Keeps the College Dream Affordable

The New York State Assembly and Senate have come to a two-way agreement on a revenue plan that will help to close the state's $9.2 billion budget gap (A.9710-C). The legislation would increase revenue by $954 million in the 2010-2011 fiscal year and help close out-year deficits by increasing revenue $1.725 billion in 2011-2012. The revenue figures are based on the same financial plan as the Governor's last emergency budget extender legislation.

The Assembly and Senate do reject the Executive proposal for selling wine in grocery stores.

The major provisions in the legislation include: