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Andrew Cuomo
FILE - In this Jan 8, 2014 file photo, New York Gov. Andrew Cuomo delivers his annual State of the State address at the Empire State Plaza Convention Center in Albany, N.Y. A slow but steady economic recovery is generating more tax revenue than many states had anticipated, offering elected officials tantalizing choices about whether to ply voters with tax breaks, boost spending for favorite programs or sock away cash for another rainy day. The Democratic New York Governor wants to tap a surplus to roll ba

Cuomo Proposes $137.2B State Budget with Tax Cuts



ALBANY, N.Y. (AP) - New York Gov. Andrew Cuomo has proposed budgeting $137.2 billion for the fiscal year starting April 1, an increase of less than 2 percent accompanied by business, property and estate tax relief.

The budget he's releasing Tuesday projects 3.8 percent increases for Medicaid and state funding for schools while keeping many other spending lines flat.
  
Cuomo wants to establish statewide pre-kindergarten programs over the next five years, a $2 billion bond act subject to voter approval to bring broadband and computers to classrooms and expanded after-school programs.
  
He would cut the tax rate on net corporate income from 7.1 to 6.5 percent.
  
Counted separately from the budget, the administration estimates another $2.4 billion in federal recovery funds for rebuilding from Superstorm Sandy and $2.5 billion for New York's implementation of the federal Affordable Care Act.

Cuomo's budget proposal says new casinos could be operating in upstate New York by next Jan. 15.

New York voters in November passed a state constitutional amendment to allow Las Vegas-style casinos beyond Indian land. State officials can now award up to four casino licenses upstate.
  
Cuomo intends to appoint a siting board this month and casino applications will be accepted in March. Cuomo has said construction can begin after the early fall announcements.
 

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