Cuomo, Legislature promise tax cuts in NY budget - FOX 29 News Philadelphia | WTXF-TV

Cuomo, Legislature promise tax cuts in NY budget

Posted: Updated:

By MICHAEL GORMLEY
Associated Press

ALBANY, N.Y. (AP) - Gov. Andrew Cuomo and New York legislative leaders have reached a deal on a tentative 2013-14 budget that would keep spending increases under 2% while providing tax rebates and breaks over the next two years.

Cuomo says the $135 billion budget deal includes a $350 rebate check for middle-class families with at least one child and a household income of $40,000 to $300,000. The checks wouldn't be sent to taxpayers until 2014, an election year for Cuomo and lawmakers.

The deal also would raise the $7.25 hourly minimum wage to $9 over three years. But it wouldn't include automatic increases tied to inflation, which Democrats sought.

The proposed budget would include the second extension of a temporary millionaire tax increase that raises $2 billion a year.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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