Heather Briccetti

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Gov. Andrew Cuomo is proposing an increase in school aid of $769 million, a rise of about 3 percent over last year, but some say that’s not enough to meet school districts’ rising costs.

The hike is about half of the increase that schools ultimately received in last year’s budget. Cuomo, in his budget presentation to the state Legislature, said he anticipates some blowback.

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Gov. Andrew Cuomo has introduced legislation to end what’s known as the carried interest loophole, a measure long sought by the left of the governor’s Democratic Party.

Under Cuomo’s bill, carried interest — which is essentially income for partners of hedge funds and other private investment companies — would have to be taxed at the same rate as income. Currently, it is assessed at the lower rate of the capital gains tax.

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A wage board convened by Gov. Andrew Cuomo is expected to vote to raise the hourly minimum rate for fast food workers in New York state from the current $8.75 cents an hour to as high as $15 an hour when it meets on Wednesday.

The board was appointed by Cuomo when Republicans in the New York State Senate did not agree to raise the minimum wage any higher than the current phased-in increase, which will bring the minimum wage to $9 an hour by the end of this year.

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Gov. Andrew Cuomo has been endorsed by the state’s largest business lobby for his reelection bid. The New York State Business Council made the announcement Wednesday at the Plug Power energy manufacturing company near Albany.

Business Council President Heather Briccetti says her group is endorsing Cuomo over his GOP challenger Rob Astorino because of the governor’s record on achieving four on-time budgets, enacting business tax cuts and holding the increase in state spending and property taxes to two percent each year. She also praised Cuomo’s bi-partisan governing style.

Divisions are forming in the upcoming debate over tax cuts that’s likely to dominate the new legislative session.  

Business groups are largely supportive of the findings of a tax commission appointed by Gov. Andrew Cuomo. The commission recommends cuts to the corporate tax, faster phase out of an energy tax and easing of the estate tax. They also propose a reduction in property taxes by encouraging local governments and schools to cut spending and consolidate.

Talks are taking place behind the scenes on changes to New York’s tax code that could result in the wealthy paying higher taxes.  Governor Cuomo, who is asking for the changes, is also proposing a gambling expansion and  other initiatives which he is asking the state legislature to consider later this week.