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Daily Tax Report: State

New York Settles on $177 Billion Budget Amid Virus Pandemic (2)

April 2, 2020, 3:48 PMUpdated: April 2, 2020, 11:50 PM

New York state lawmakers late Thursday were on track to approve a $177 billion spending plan for fiscal 2020-21 during a “true economic crisis” brought on by the new coronavirus outbreak.

Gov. Andrew Cuomo (D), state Senate Majority Leader Andrea Stewart-Cousins (D), and Assembly Speaker Carl Heastie (D) announced final details, including a $10 billion reduction in spending and permission for the state to adjust allocations throughout the year to cope with reduced cash flows.

Cuomo in a news release called the budget “balanced,” and said it “includes no new taxes.”

The state Senate passed the bill package, and the...

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