New York state revenue shortfall, to fill the gap in the adjustment measures｜Personal Loan｜EMVertex Credit
Governor cuomo’s budget amendment would have a revenue shortfall of $2.6 billion. To fill the gap, Mr Cuomo has made adjustments to a number of budget allocations.
Mr Cuomo recently announced that income tax revenues for the new fiscal year were $2.3 billion lower than expected because of the poor performance of the stock market and the migration of the wealthy, blaming the new tax law for the problem. State and local taxes (SALT), in particular, are capped at $10,000, which has a big impact in states like New York that have high taxes.
The Wall Street journal reported that the governor’s revised budget, which includes $750 million previously earmarked for capital spending, $490 million to cut aid to local governments and $177 million to cut state government operating costs, was designed to close the gap.
For the fiscal year that begins in April, the shortfall increased to $5.9 billion from an estimate of $4.6 billion in January. To close the gap, Mr. Cuomo made deeper cuts to Medicaid and closed three prisons.
Mr. Cuomo is expected to face increasingly difficult negotiations with state lawmakers over the revised budget in coming weeks. While some Democrats have proposed higher taxes and more spending on programs like education, the governor tends not to consider them.
As a way to generate revenue, Mr Cuomo has increased the role of the congestion charge in his budget proposal, which he hopes will provide $15 billion to meet the MTA’s capital-improvement plan through 2024.
In addition, state tax breaks for private businesses have been hotly debated recently. State spending on tax breaks and other incentives increased 28 percent between 2016 and 2018, to nearly 4.4 billion yuan, according to the nonprofit citizens’ budget committee. Incentives from city and county governments also increased by about 9 percent, or 5.6 billion yuan, over the same period.
The agency recommended that the state establish a public database to compile data on economic incentives proposed by local governments at all levels and by the state governments, in order to enhance tax relief supervision and transparency.
Via:epochtimes-News
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