On Saturday, April 9, the New York State Legislature passed the final set of budget bills for the state’s fiscal year 2022–23 budget, which are in the process of being signed into law by the Governor. The approximately $220 billion budget was finalized after a week’s delay. The Manatt team is currently analyzing the final budget legislation, and we will advise you of any relevant provisions and appropriations. In the interim, highlights of the 2022–23 budget include:
- $7 billion over four years in expanded childcare support for New Yorkers
- $2 billion in pandemic recovery funds, including allocations to the Emergency Rental Assistance Program, distressed hospitals, utility assistance programs, and homeowner and landlord assistance programs
- $1.2 billion for the Clean Water, Clean Air, and Green Jobs Environmental Bond Act
- Amendments to the state’s public protection laws, including changes to the 2019 bail reform law, the Raise the Age statute, and discovery provisions related to criminal cases
- $2.45 billion for an acceleration of tax relief for small businesses and the middle class, affecting 6.1 million New Yorkers
- A suspension of the state’s motor fuel tax between June 1, 2022, and January 1, 2023
We look forward to providing you with a more detailed analysis soon and invite you to contact any member of the Manatt team with any questions you may have.