The Senate plan seeks to accelerate middle-class income tax cuts originally planned for 2025 to 2023, keeping more money in Hudson Valley residents’ pockets.
Skoufis also succeeded in securing a commitment within the one-house budget proposal to require a comprehensive and independent audit of all economic development incentives, tax credits, and taxpayer-funded subsidies distributed by the state. In recent years, hundreds of millions of dollars have been annually rubber-stamped for so-called economic development initiatives without so much as a basic accounting of return on investment. Skoufis has long advocated for greater scrutiny of subsidies and the agencies that distribute them.
The Senate is expected to formally vote to adopt the one-house budget this Monday, March 14. In coming weeks, additional negotiations will take place before a final budget is adopted by April 1.
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