Legislature takes up state leaders' tax dealPosted: Updated:
(AP) - Bills are being printed to enact a huge tax deal that's now expected to pass by Wednesday night in Albany. The tax plan has already been agreed to by Gov. Andrew Cuomo and legislative leaders.
It would raise the income tax on millionaires while providing a modest, but rare, break for 4.4 million middle class New Yorkers.
Snags and last-minute negotiations appeared all but settled by mid-afternoon.
More than $2 billion would be raised from the tax hike. It would pay for the middle-class tax cut, fund jobs programs, provide $50 million for upstate flood relief and ease the New York City transit tax on small business while giving manufacturers a tax break.
The cut for most middle-class New Yorkers will range from $200 to $400 a year.