The bill also includes MWBE contracting goals and objectives and diversity hiring reporting requirements. Pursuant to this legislation, renewable energy systems greater than five megawatts that involve procurement of renewable energy credits (RECs) will be covered by prevailing wage requirements and includes PLA provisions. This bill builds on the recent success of the New York State Building and Construction Trades Council and its affiliates in strengthening the definition of “public work” under Article 8 of the Labor Law. As explained further below, this legislation includes prevailing rate, PLA, labor peace, Buy American and Buy New York provisions. This legislation establishes labor standards for renewable energy system construction, operation, maintenance, and supply chain. Prevailing Rate/PLA for Construction Labor Peace for Operations and Maintenance and Buy American/Buy New York for Supply Chain The overall spending plan is increased by 10% over last year’s budget and in total surpasses $200 billion for the first time. The bill also continues phase-in of the middle-class income tax cuts that were enacted several years ago but were to be delayed in the initial budget proposal.Ĭombined with over $12 billion in direct federal assistance to the state and additional federal assistance for local governments, transportation and child care, the final budget offsets the vast majority of spending cuts that had been proposed earlier in the year and will ensure vital public services and programs remain operational. The budget includes additional revenue from several job-creating initiatives including the legalization of adult-use cannabis, mobile sports betting and language to pave the way for three new downstate casinos. The new tax brackets will expire in 2027. The final agreement raises over $4 billion annually in new revenue by creating two new tax brackets for those making over $5 million and $25 million respectively (this will generate $3.3 billion annually when fully implemented) and also an increase in the corporate franchise tax rate.
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