The FY 2018 New York State Budget, enacted in April, includes historic investments in infrastructure, continues to cut taxes and cap spending, and establishes the nation’s first plan for free college tuition – all of which advance Governor Cuomo’s commitment to economic growth and opportunity.
Highlights of this year’s budget include:
- Excelsior Scholarship program: The first-in-the-nation program, providing free tuition at public institutions (SUNY and CUNY), makes college affordable for working and middle class families making up to $125,000 per year.
- Lower taxes: The Budget continues to lower personal income tax rates for middle-class New Yorkers.
- Ride-sharing: Operators like Uber and Lyft will be authorized to operate throughout New York, including Upstate, with oversight by the Department of Motor Vehicles.
- Revitalizing Infrastructure: The State continues to make major investments in New York’s roads, bridges and airports, including the transformation of JFK Airport, and Upstate airports from Syracuse to Rochester to Plattsburgh.
- Life Sciences: The budget includes $620 million to support the Governor’s new life sciences initiative to grow a world-class life science research cluster in New York, broadening research and economic growth.
- Regional Economic Development Councils: Round VII of the REDC initiative will award up to $750 million to hundreds of economic and community development projects statewide. Since 2011, more than $4.6 billion has been awarded to approximately 5,200 projects through a competitive process that’s spurring job creation and regional economic growth.
- Buffalo Billion II: $500 million will build upon the ongoing transformation and revitalization of Buffalo, with a focus on revitalization and smart growth.
- Photonics Venture Challenge in Rochester: A $10 million, multi-year business competition will support start-up companies commercializing rapidly developing technologies through a photonics-focused business accelerator program.
- Film Tax Credit Program Extension: The Budget extends the film incentive program, which has successfully grown the production and post-production industry in New York State, through 2022. The industry has generated an estimated $15.3 billion in economic impact since 2011.
- Downtown Revitalization Initiative Round II: A second DRI round, with $100 million in funding, will support community revitalization plans that create vibrant downtown areas and will help to attract residents, visitors and businesses.