The New York State mega-budget, which was signed for fiscal 2022, includes $1 billion, a combination of grants and tax credits, for small businesses, as well as arts, entertainment, and food, to drive economic recovery.
The Covid-19 Small Business Recovery Grant Program allocates $800 million in investments and $138 million in tax credits to for-profit arts and cultural institutions.
Tax credits for New York City’s music and theater production increase to $100 million over two years to revive the industry and tourism in the city. For outdoor musical and theatrical productions in New York, the budget extends tax credits for 4 years to 2025 and doubles. $8 million.
The $212 billion budget, signed through the government, Andrew Cuomo, includes a new $40 million fund to help general operations to help nonprofit arts and cultural organizations recover from Covid’s coup. comply with Covid’s fitness regulations, adding outdoor functionality area projects, flexible seating, CVC and filtration improvements.
The combination of this new investment with the state’s $40 million annual arts grant program will come with over $100 million in grants for arts and cultural organizations through the New York State Arts Council.
About $2 million in COBRA grants will go to entertainment staff who have lost their fitness insurance since the industry closed last March.
State tax credits for films and television have remained largely stable; in the spring of 2020, they were reduced from 30% to 25% and approved for five years.
Budget provisions mimic President Joe Biden’s national infrastructure bill and demand significant spending of $311 billion through 2024 on everything from transportation to downtown revitalization, schools, green energy and broadband, and the expansion of New York’s trendy High Line Park into new Moynihan. Train room.
The Hall, an extension of Penn Station, is a component of Cuomo’s ongoing efforts to make it less difficult and more enjoyable. “People can’t drive to Manhattan. This is not our future,” he said at a press conference Wednesday, referring to the highlights of the budget A new Penn station, 8 new railroad lines, an expanded and advanced Javits conference center are some of the projects on the agenda.
“We are looking to get out of an economic disaster of epic proportions,” Cuomo said. “We are making a long-term investment in New York. How is New York rebuilt and how does it get better and smarter than before?”?
The cellular sports betting budget, which generates $500 million a year, and also legalizes marijuana. The state earned $12. 6 billion in direct aid from Washington, D. C.
The plan will be funded in components through tax increases for Americans earning more than $1 million according to the year ($2 million if the deposit is joint) with additional revenue increases of more than $5 million and $25 million. despite the objections of the governor, who feared that wealthy Americans would leave the state.
The state’s budget to retain 50% of the state and federal budget of localities that do not produce plans to reform their police services, which Cuomo ordered through an executive order following last year’s George Floyd protests.