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The 2013-14 New York budget includes tax cuts of $800 million for small businesses over three years, $1.3 billion in unemployment insurance savings for businesses, and $220 million in funding and tax credits for the state’s regional economic development councils, officials announced Thursday.
It also includes an increase in the state’s minimum wage, to $9 an hour, and a $350 tax credit for middle class families, officials said.
“This budget agreement puts New York on track to have the third consecutive on-time, balanced budget that holds increases in spending under 2 percent while investing in our economy to create jobs and cutting taxes for middle class families and small businesses,” Gov. Andrew Cuomo said in a statement.
The 10 regional councils will divvy up $150 million in funding and $70 million in tax credits in the third round of the economic development investment program, officials said.
The budget also includes funding for the launch the Innovative Hot Spots program in which 10 high-tech innovation incubators will be created at locations affiliated with colleges to encourage private-sector growth.
It includes the state’s Innovation Venture Capital Fund of $50 million.
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