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ALBANY, N.Y. – The New York Senate approved a series of bills overnight Tuesday and into early Wednesday to get a move on passing the state’s $142 billion budget. The Senate OK’d bills that would increase the state’s minimum wage, waive taxes for startup companies and increase funding for roadwork.
Although the proposed hike would raise the minimum wage from $7.25 to $9 an hour, a “minimum wage reimbursement credit” is listed at the end of a revenue bill that is separate from the minimum wage measure – meaning taxpayers would subsidize the hike, according to Businessweek.
“The credit would reimburse employers for part of the difference in wages from the current $7.25 minimum wage as it rises to $9 an hour by 2016,” Businessweek said. Once it reaches $9 an hour, employers would pay 40 cents and taxpayers $1.35 of the extra $1.75 an hour workers are paid, the report said.
The measure is estimated to cost $20 million to $40 million, with no cap on the total, the report said. The Senate reportedly ended voting at 4:30 a.m. Wednesday. Its goal is to dispatch the state’s budget as early as possible so legislators can celebrate the Easter holidays in their districts, The Wall Street Journal reported. The budget deadline is Monday.
The bills are expected to pass easily in the Senate and Assembly, and Gov. Andrew Cuomo is expected to sign them, marking the first three consecutive on-time state budgets in nearly 30 years, The Wall Street Journal said.
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