Bit by bit, details of a potential state budget agreement are leaking out from behind closed doors, with Assembly Speaker Sheldon Silver telling reporters this afternoon that most of the $700 million in planned tax breaks won’t take effect until 2014.
Speaking to reporters after another meeting with other legislative leaders and Gov. Andrew Cuomo, Silver said there’s no final budget deal in place. But Silver said the vast majority of business and family tax cuts pushed for by Senate Republicans won’t kick in until 2014.
The apparent tax breaks—the specifics of which haven’t been made public—would be paid for at least partially by an extension of a higher income-tax rate on individuals making more than $1 million annually, Silver said. The millionaire’s tax, however, is set to last through 2014, so an extension wouldn’t produce unanticipated revenue until 2015.
“Very little” of the tax cuts would take effect in the upcoming fiscal year, according to Silver, but he “can’t (say) exactly none.”
The top-ranking lawmakers in the Senate—Republican Leader Dean Skelos, R-Nassau County, and Independent Democratic Leader Jeff Klein, D-Bronx—said the tax credits are still being discussed. Klein said they would include breaks for small businesses and for hiring veterans.
“I think we’re still moving in the right direction,” said Klein, who said he believes the Legislature may be voting on budget bills on Friday. “I don’t believe there are a lot of issues that are still open.”