NY Assembly Gives Final OK Of $135B State Budget

NEW YORK (CBSNewYork/AP) -- New York lawmakers and Gov. Andrew Cuomo have passed their third-straight on-time budget.

The Assembly passed the final bills of the $135 billion spending plan just before midnight Thursday. The budget approved by the Senate Wednesday is due Sunday, the start of the new fiscal year.

It includes nearly $1 billion more for schools and increases the minimum wage to $9 an hour over three years.

The plan also raises billions of dollars by extending two taxes due to expire: an income tax surcharge on millionaire earners and a business tax on energy costs.

Businesses will get additional tax breaks including one to encourage the hiring of recent veterans.

"With this budget, New York State is continuing to create good jobs, cut taxes for the middle class, lead the nation in education and civil rights reforms, and provide a model for a government that works," Cuomo said in a statement. "This is a budget that all New Yorkers can be proud of, and I commend the members of the Senate and Assembly who worked hard to deliver this budget for the people of our state."

For more information about the budget, visit www.governor.ny.gov.

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