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Government Affairs Albany Update
March 4, 2011

BUDGET UPDATE

The 30-day amendments also propose unprecedented two year spending plans for the state’s Medicaid and local school aid programs. These funding proposals are tied to the spending limits outlined earlier by the Governor (with Medicaid tied to increase in medical inflation and school aid increased tied to increases in state personal income.)   Contrary to expectations, the 30 day amendments included no further changes to the Governor’s proposals for a new Department of Financial Regulation, and its new regulatory and enforcement powers. Further details on the 30 day amendments are available here.

LEGISLATIVE UPDATE

Bank Tax Reform
The Senate Banking Committee is taking up several bills supported by The Business Council that extend key provisions of the state’s Bank Tax. These proposals generally mirror provisions included in the Executive Budget proposal, including:

In addition, the panel is taking up two bills that break out the provisions of S.3750. One (S.3753) adopts a permanent extension of G-L-B transition provisions, and the second (S.3754) implements its permanent Bank Tax extensions. All four proposals were introduced by Banking Committee Chair Senator Joseph Griffo.

OTHER ISSUES

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