Gov. Andrew Cuomo’s $136.5 billion executive budget for 2013-14 includes $150 million for a third round of competition between the state’s regional economic development councils, and a $1.50 per hour increase in the minimum wage.
The budget, released Tuesday, also includes $165 million for job creation and investments in business expansion and attraction, a new $50 million venture capital fund for seed and early stage companies, and $5 million in performance grants for community colleges that place students in high-demand jobs.
It extends the Historic Commercial Properties Rehabilitation Credit for five years, through 2019. The program allows for tax credits of up to $5 million per project, with the tax credit refundable as of 2015,
The proposed spending plan eliminates a $1.3 billion budget gap with no new taxes or fees, increases spending by less than 2 percent for the third straight year, increases aid for education by 4.4 percent, and targets economic development spending, Cuomo said.
The executive budget increases the state’s minimum wage to $8.75 from $7.25.
“By making difficult decisions over the past two years, we have brought stability, predictability, and common sense to the state budget process,” Cuomo said in a statement. “Two consecutive fiscally responsible budgets have drastically reduced the deficit we face in this fiscal year, and those we will face in years to come.
“As a result, we are able to make critical investments to build a world-class education system, support job-creating projects in all corners of the state, provide assistance to local governments, and rebuild communities that were hit hard by Hurricane Sandy.”
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.