ALBANY – Governor Eliot Spitzer revealed his $120.6 billion budget proposal Wednesday. This is an increase of 7.8 percent increase in state spending from last year; most of the increases can be attributed to Spitzer’s campaign promises, such as property tax cuts and helping education.
Spitzer said everyone agrees that the state needs to get everything under control and told the audience, “that is all we can afford.” New York State’s current debt is about $50 billion.
The budget offers $6 billion in real estate tax relief over the next three years. Senator Thomas Libous (R-Binghamton) said, “The real estate tax cut is like the one being offered in the senate and is a sign of positive change for upstate New York. This proposal offers significant property tax relief.”