Gov. Andrew Cuomo, legislators reach tentative $135 billion New York State budget deal

The closed-door agreement announced Wednesday puts Albany on track to pass the third straight on-time budget.

The closed-door agreement announced Wednesday puts Albany on track to pass the third straight on-time budget. (3/21/13)

ALBANY - Gov. Andrew Cuomo and legislators have announced a tentative $135 billion state budget deal that touches the poor, middle-class, millionaires, employers and even veterans.

The deal would raise the hourly minimum wage from $7.25 to $9 over three years, and would cut taxes on businesses who hire recent veterans and young workers, as well as small businesses.

Under the plan, families with at least one child who make anywhere between $40,000 and $300,000 will receive a $350 tax rebate, but those checks aren't expected to go out until at least 2014.

Other changes include revisions to the state's new gun control law and limitations to the NYPD's stop-and-frisk program. Cuomo hopes to limit the practice by decriminalizing the possession of small amounts of marijuana. A second extension of the $2 billion temporary millionaire's tax was also included.

Lawmakers, however, did not include the $25 million Dream Act, which would have provided state financial aid to young undocumented immigrants attending college. City schools are also not getting a $250 million reimbursement that they sought.

The agreement still needs to be approved by the full Senate and Assembly before the April 1 deadline.  

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