Today, the Governor presented his 2014-15 Executive Budget.<\/p>\n
Among the highlights, of this year’s budget from the Governor’s Press Release:<\/p>\n
Holds spending increases below 2 percent for the fourth consecutive year \u2013 fiscal discipline that has resulted in a projected $2.2 billion surplus by 2016-17.<\/p>\n
Cuts taxes for New York\u2019s families and businesses by more than $2 billion by 2016-17, using the budget surplus generated by our fiscal restraint, including:<\/p>\n
A property tax freeze for two years for homeowners in qualifying jurisdictions that agree to stay within the state\u2019s property tax cap and work to cut the cost of government through initiating shared services with other local governments in their county;<\/p>\n
Additional targeted real property tax relief based on a homeowner\u2019s ability to pay;<\/p>\n
Corporate tax reform that reduces the tax on net income from 7.1 percent to 6.5 percent \u2013 the lowest rate since 1968;<\/p>\n
Estate tax reform that increases the exclusion threshold from $1 million to eventually conform with the Federal exemption amount; and<\/p>\n
Renters\u2019 personal income tax credit to help defray the impact of escalating rental housing costs.<\/p>\n
Increases education aid by $807 million, almost 4 percent, driving an average increase of more than $265\/student per year.<\/p>\n
Continues to put our students first by funding a universal pre-K program, expanded after-school programs, rewards for teacher excellence, and a Smart Schools Bond Act to ensure that all of our children have access to the latest technology needed to compete on the global stage.<\/p>\n
Grows our state\u2019s economy and creates jobs by providing an additional round of funding for the Regional Economic Development Councils and linking them with the START-UP NY program to attract businesses from around the world, delivering on the promise of the \u201cBuffalo Billion,\u201d and making strategic capital investments in Upstate projects.<\/p>\n
Helps hospitals, nursing homes and long term care facilities restructure to provide quality community based care by advancing $1.2 billion in capital funding.<\/p>\n
Protects our state\u2019s greatest resource \u2013 our environment \u2013 by increasing the Environmental Protection Fund (EPF), expanding outdoor recreational opportunities and access to NY-grown agricultural products, and providing a new round of New York Works capital funding for environmental facilities.<\/p>\n
Strengthens our public higher education system to excel both academically and as an economic engine by providing $110 million for a new and expanded round of SUNY2020 and CUNY2020 programs and $8 million in funding for a new Science, Technology, Engineering and Math (STEM) scholarship program;<\/p>\n
Connects the successful NY Youth Works program to our community colleges and expand the tax credit program from $6 million to $10 million annually to help encourage more employers to hire inner city youth; and<\/p>\n
Provides new economic opportunities and improves services for veterans.<\/p><\/blockquote>\n