The budget will likely include a $1 billion tax cut, spread over eight years, for joint filers earning incomes of less than $300,000 per year. In addition, legislators have reportedly come to a compromise regarding the governor’s proposed $15 per hour statewide minimum wage, with New York City reportedly slated to receive the fastest increase, as its $15 wage is scheduled to be phased in by 2018.
Suffolk, Nassau, and Westchester counties will likely see the phase-in by 2021; the rest of Upstate New York will reach $12.50 by 2021, then gradually increase to $15 by 2023, with the amounts of each upstate increase based on a state wage formula.
In addition, the budget will likely include 12 weeks of paid family leave, which companies will pay for using an employee payroll deduction.
Employees will be eligible for the benefit after six months of starting a job.
The budget will also include a SUNY tuition freeze for one year, as well as a $1.5 billion increase in education aid, including the removal of the Gap Elimination Adjustment, which was a state cut to education schools received in 2009.
According to sources, legislators will stay in Albany until Friday to finish the budget, which will mark the start of the start of the 2016-17 fiscal year.