Gov. Cuomo and legislative leaders are poised to complete a state budget before the April 1 deadline, getting it done on time for the third year in a row after years of failing to do so under previous governors.
The roughly $135 billion budget will increase the minimum wage, provide subsidies to employers to help pay for it, give a new tax rebates of $350 to families earning up to $300,000 a year and extend a “temporary” tax rate of 8.8 percent on individuals making more than $2 million a year, which had been set to drop to 6.85 percent, the rate on those making $300,000 to $2 million, according to published reports.
The minimum wage would rise from $7.25 to $9 an hour in steps over the next three years. Companies employing teenagers at the new minimum will get reimbursed for $1.35 of the $1.75 per hour difference and only have to pay another 40 cents per hour themselves, the Associated Press reports, but will not be subsidized for workers over 19.
The budget reportedly includes $300 million in new state aid for city schools, following the city’s loss of $250 in state funding earlier this year.