NY Gov. Signs Budget With $11B In Borrowing, No New Taxes

Law360 (April 6, 2020, 5:30 PM EDT) -- New York's governor has signed a budget that doesn't legalize and tax cannabis, authorizes $11 billion in borrowing, doesn't raise taxes on the wealthy and doesn't include proposals to cut taxes for farmers or small businesses amid the coronavirus pandemic.

Gov. Andrew Cuomo, a Democrat, signed the revenue portion of the budget, S.B. 7509B, as well as a slew of other budget bills on Friday. In a statement Friday, he touted that the budget didn't increase taxes, despite calls from some left-leaning groups to do so, as well as a bevy of other policy initiatives, including an income tax rate cut for...

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