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Last week, Governor Hochul presented her proposed FY 2025 Executive Budget. Our legislative team at Park Strategies has provided the following overview of items that could impact our industry. Two items of particular interest are to sunset the state’s COVID paid sick leave law this July and to extend the MWBE program another five years. We will continue to follow the budget process and other legislative items that come up between now and the end of the Legislative Session in June. If you have any questions, please contact Todd Helfrich (518-869-0961 or toddh@ecainc.org) for more information or to discuss any particular legislative concerns. Transportation, Economic Development and Environmental Conservation (TED) Article VII Budget Bill: Part Y – Minority and Women-Owned Business 15-A Extension: extend the MWBE program for five years, to December 31, 2029. Education, Labor & Family Assistance Article VII Budget Bill: Part L – Expand Recovery Tools for Stolen Wages: grant DOL additional enforcement powers to collect lost wages when an employer has violated wage payment provisions. The bill would authorize the seizure of assets to satisfy employer debt owed to employees. Part M – Sunset the State’s COVID-19 Sick Leave Law: sunset the State’s COVID-19 Sick Leave Law as of July 31, 2024. Public Protection & General Protection Article VII Budget Bill: Part M – Establish First-in-Nation Paid Prenatal Leave – an additional 40 hours on top of Paid Family Leave. Part N – Increase Short-Term Disability Leave Benefits. Economic Development & Infrastructure: NY CREATES. The FY 2025 budget includes $500 million in capital resources to support the State’s $1 billion commitment to expand Albany’s NY CREATES Nanotech Complex. Regional Economic Development Councils: The Budget includes core REDC funding through $150 million in new capital grants and $75 million in new Excelsior tax credits. Downtown Revitalization: the Executive Budget provides $100 million for another round of the Downtown Revitalization Initiative (DRI). New York Forward: The Executive Budget includes $100 million for rural and smaller communities. FAST NY Shovel-Ready Grant Program: Supported by a $100 million FY 2025 Budget appropriation, Empire State Development will provide up to $100 million in grants to prepare and develop sites statewide to increase its attractiveness to large employers. Click here to download a copy of the Governor's budget briefing book, which contains more details.
Last week, Governor Hochul presented her proposed FY 2025 Executive Budget. Our legislative team at Park Strategies has provided the following overview of items that could impact our industry. Two items of particular interest are to sunset the state’s COVID paid sick leave law this July and to extend the MWBE program another five years. We will continue to follow the budget process and other legislative items that come up between now and the end of the Legislative Session in June. If you have any questions, please contact Todd Helfrich (518-869-0961 or toddh@ecainc.org) for more information or to discuss any particular legislative concerns. Transportation, Economic Development and Environmental Conservation (TED) Article VII Budget Bill:
Education, Labor & Family Assistance Article VII Budget Bill:
Public Protection & General Protection Article VII Budget Bill:
Economic Development & Infrastructure:
Click here to download a copy of the Governor's budget briefing book, which contains more details.