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Lawmakers in Albany are continuing discussions on the state's budget with just over two weeks remaining before the deadline. Both the Senate and Assembly have passed their one-house resolutions, setting the stage for negotiations with Governor Kathy Hochul on her $263 billion proposal. Key issues include taxes, changes to the state's auto-insurance law, and energy rebates.
The Assembly's budget proposal, as reported by the New York State Assembly, includes a $266 billion plan that aims to make New York more affordable for families. It proposes tax cuts for low- and middle-income earners and increased taxes on high-income individuals and corporations. The Assembly also suggests a $2.6 billion rebate to assist with rising utility costs.
The Senate and Assembly are advocating for increased taxes on the wealthy, with proposed surcharges on personal income taxes for high earners and corporate tax rate hikes. City & State New York reports that Senate Majority Leader Andrea Stewart-Cousins expressed confidence in gaining momentum for these tax hikes.
Governor Hochul's proposal focuses on reducing auto insurance premiums and maintaining a $14.6 billion cash reserve. However, her plans to limit insurers' liability and lower car insurance costs have been omitted by both legislative chambers. New York Focus highlights ongoing debates over tax policies and energy reforms.
As the April 1 deadline approaches, negotiations will continue to address these and other issues, with the next fiscal year set to begin soon.