To help end New York’s unacceptable string of late budgets, Assemblyman Magnarelli sponsored legislation (A.1) that will go before the voters of New York State in November to:

• Move the fiscal year start from April 1 to May 1

• Enact a contingency budget if one isn’t adopted by May 1

• Require two-year appropriations for education aid to help schools and taxpayers plan ahead

Magnarelli helped pass the first on-time budget in over 20 years. Not only is this bipartisan budget on-time, but it is also a fiscally sound budget that protects local taxpayers by:

• Capping local Medicaid costs – saving Onondaga County taxpayers more than $12 million next year

• Increasing aid to local governments by more than $5.5 million over last year

• Increasing STAR savings by more than $2.1 million for taxpayers in Syracuse, Geddes and Van Buren

• Restoring community college aid to $115 per student, providing Onondaga Community College with $752,000 more per year

To make it easier for businesses to thrive in New York, the bipartisan budget agreement expands and reforms the Empire Zones program – addressing major abuses and authorizing 12 new Empire Zones.

The budget also proposes business tax cuts totaling $213 million, including:

• adopting a single sales factor apportionment, saving businesses $130 million in the third year

• increasing the Enhanced Investment Tax Credit for research and development, saving businesses $10 million

• allowing a small business rate reduction, saving businesses $5 million

• enhancing the CAPCO program by providing an additional allocation of $60 million for technology investments