News

April 7, 2016

Budget: Some Good News for the Capital Region

While the Chamber is disappointed that certain proposals we opposed were ultimately included in the final budget, the budget did include proposals that will improve the business environment in the Capital Region. The budget makes historic investments in our transportation infrastructure and is a real move towards restoring long-term parity between upstate (NYSDOT) and downstate (MTA). The budget includes $25 billion over 6 years, the largest NYSDOT capital plan in history, and a significant new investment to rebuild New York’s crumbling roads and bridges. The budget also includes personal income tax rate reductions for individual and business filers of up to 20%. Without these tax reductions, taxpayers would have seen their taxes increase on average by $155 a year when the current tax rate expires in 2018. This amounts to an annual total savings of $700 million. Capital Region residents will see an average savings of $721 a year. The Chamber has been a strong advocate for increased infrastructure investment, transportation funding parity and relief from the state’s current tax burdens. We are pleased that our elected officials in Albany listened. Because of you, our voice was heard.

Additionally, the final budget included the following Capital Region investments:

  • $38 million in CHIPS funding for local roads and bridges;
  • $50 million URI Runner-Up;
  • $1.5 million for the Anti-Poverty Initiative in Troy; $1.5 million in Albany;
  • $450,000 for environmental protection of Lake George;
  • $50 million to construct a direct connection between I87 and the Albany Airport;
  • $35.7 million for operating assist to the Capital District Transportation Authority;
  • $32 million to replace the Rexford Bridge carrying Route 146 between Clifton Park and Niskayuna;
  • $250,000 to develop Tivoli Lake Park, a 70-acre park owned by the City of Albany, into destination for visitors to hike, fish, and learn about the environment;
  • $2.675 million for the Albany Pine Bush, including $50,000 for the Woodlawn Preserve in Schenectady, to support hiking, wildlife observation and hunting;
  • $2.9 million for Grafton Lakes State Park to build a new visitor center;
  • $450,000 for Saratoga Spa State Park to rehabilitate historic spa campus buildings and grounds;
  • $2,000,000 for Saratoga Spa State Park to rehabilitate the Peerless Pool bathhouse;
  • $725,000 for Schuyler Mansion State Historic Site to rehabilitate the northeast steps and stone wall;
  • $1,000,000 to Olana State Historic Site for landscape improvements.