Weekly Report for April 9, 2021
Register for NYSAR’s 2021 Virtual Lobby Day to be held on April 27
The first 300 members that register will receive a Lobby Day package in the mail from NYSAR. There is no cost to register, but any member or staff that wishes to participate in Lobby Day must register for the meeting. While registering for Lobby Day, members will also be able to register for the RPAC “School for Spies” virtual escape room event with a cost of $50. Anyone wishing to participate in the RPAC event must register before Friday, April 23. For more information and updates including Lobby Day FAQ’s visit the NYSAR Lobby Day page here.
State Legislature passes $212 billion state budget
On April 7, the State Legislature passed a $212 billion state budget, reflecting an $18 billion increase over last year. The budget raises taxes by about $4 billion on high income earners and corporations in New York, increasing personal income tax rates for individuals earning more than $1 million per year and joint filers making more than $2 million, and increasing the corporate franchise tax rate for the next three years.
This year’s budget also includes nearly $3 billion in combined federal and state funding for rent and homeowner relief. NYSAR will continue to review this portion of the budget and provide additional details to members. The application process is expected to begin in May according to lawmakers.
One measure that was not included in the budget was a proposal that would have created a new pied-a-terre property tax on second homes in New York City valued at over 5 million. NYSAR, along with other interested groups, opposed this measure.
The state budget also includes the following:
- $1 billion small business, arts, entertainment and restaurant relief package to help businesses and other organizations recover from the impacts of the pandemic;
- $3 billion Environmental Bond Act pending voter approval in the 2022 general election;
- Requiring internet service providers to offer affordable high-speed internet for low-income households;
- Provides a real property tax relief credit for homeowners earning $250,000 if their total property tax exceeds a fixed percentage of their income;
- A record $29.5 billion in school funding;
- $2.1 billion to establish an “excluded worker” relief fund for undocumented immigrants facing hardships from the pandemic;
- Legalization of mobile sports betting;
- Maintaining $400 million in scheduled tax cuts for middle income earners;
- $100 million for another round of the Downtown Revitalization Initiative