NY State budget passes Senate, still needs to be done in the Assembly

NY State budget passes Senate, still needs to be done in the Assembly Photo: News10NBC.

WHECTV
Updated: April 07, 2021 12:37 PM
Created: April 07, 2021 04:48 AM

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ROCHESTER, N.Y. (WHEC) —Governor Cuomo held a briefing on the state's budget Wednesday, you can watch it in full in the player below.

EARLIER

Editor's note: News10NBC previously reported the budget was officially passed, but we have learned the Assembly still needs to act on four bills. According to City and State Magazine, the Assembly is set to meet at 11 a.m. Wednesday.

The New York State Senate passed the budget Wednesday morning, just about 12 hours after reaching an agreement on a deal, but more work remains. 

WEALTH TAX

The highest-earning New Yorkers making $1 million or more will have to pay some steep income tax rates. The rate goes up even higher for taxpayers who make between $5 million and $25 million, and there's another bump for people who earn more than $25 million.

Add to that a corporate tax for people who earn more than $5 million, and a New York City tax where many of the state's top earners live.  It's estimated the new taxes for NY's richest citizens will be higher than California's top rate. 

The governor has expressed opposition, saying NY's top earners already pay some of the highest taxes and he fears it will chase these people out of the Empire State.
 

MOBILE SPORTS BETTING

Among one of the many items in the budget, is the legalization of mobile sports betting. The details will have to be worked out in the coming weeks and months, however, Governor Andrew Cuomo has said he wants the New York State Lottery to run the program. n

Some lawmakers are hoping to have mobile sports betting up and running for the start of the football season in September, but it may take longer to iron out all the details. The hope is that it will at least be fully operational by January 2022 to be ready for the Super Bowl in February.

More details are trickling out about the $212-billion spending plan, and we will update you as they come along.


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