ALBANY – With budget negotiations underway in the state capital, legislators in the Senate are gaining traction for a proposal that would, among other things, restore school funding and throw more money into infrastructure than was put forward in the governor’s executive budget proposal.
The senate on Thursday passed its “Brighter Future” budget proposal to counter Governor Andrew Cuomo’s executive budget that was pitched to the public in January. Through cuts and trade-offs, the proposal would give more money back to property taxpayers, increase funding for public schools, make road and bridge repair a priority, and further invest in economic development.
According to State Senator Tom Libous (R-52nd District), the proposal also makes good on a promise to tighten state spending by restricting it to 2 percent.
“In the last four years, we’ve had four on-time budgets,” Libous stated. “I’m going for five. But making sure the Southern Tier gets our fair share in the final budget is my priority. Over the next few weeks, I’ll be working with the Governor and Assembly to make sure we do.”
For middle class taxpayers, the Brighter Future proposal expands Gov. Cuomo’s tax relief plan by creating a tax rebate which, in conjunction with the existing property tax freeze credit, would benefit the average homeowner with a $458 rebate.
The proposal would also eliminate the Gap Elimination Adjustment (GEA) for public schools and the $1 billion that remains in the GEA. By eliminating the GEA, Libous said school aid would increase more than was offered in the executive budget, helping to restore the millions of dollars many school districts lost since the GEA was enacted in 2011. Senate members say they intend to distribute the additional $1.9 billion school aid increase fairly and equitably to every region of the state.
In the agriculture industry, the Brighter Future plan calls for a multi-part “Grown in New York” ag plan to help meet a growing demand for locally grown foods, and it would give support to local farmers.
And in job creation, Brighter Future proposes a $200 million small business package which advocates argue would increase the business income tax exemption from 5 percent to 10 percent for all business and farms that file under the personal income tax, have less than $500,000 in business income, and have at least one employee.
Libous said this proposal would save small businesses and farms more than $125 million annually and leave a positive mark on more than 500,000 small businesses statewide.
The Senate also proposed $1.5 billion for highway and bridge projects in a five-year road and bridge capital program – double that of what was in the executive budget. Moreover, Senate members are calling for $700 million for regionally significant economic development projects statewide to spur job growth, another $25 million for upstate transit capital projects, and $50 million for the Main Street Revitalization program to help local governments attend to blighted areas.