ALBANY, N.Y. (1/23/15)--The New York Credit Union Association closely monitored Gov. Andrew Cuomo's State of the State address Monday, paying particularly close attention to his property tax program, which incentivizes local governments to keep property taxes below the proposed cap.
The association believes the program--which would serve as a permanent extension of the temporary program launched in 2011--can tie in with pro-credit union legislation that would authorize municipalities to make deposits at credit unions, as local governments look for ways to maximize their returns (The Point Jan. 22).
Cuomo's $145 billion budget would increase the state minimum wage to $10.50 per hour by 2017. The proposed budget will increase spending by 2.8% to pay for new education initiatives, infrastructure investments and tax relief programs for homeowners.
The budget will be sent to the Legislature for approval prior to the March 31 deadline.