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NY State budget passes

(excerpt from) The Times Union (Albany newspaper)
It’s a state budget!

Full story: here.
by RICK KARLIN Capitol Bureau
Published: 01:00 a.m., Wednesday, August 4, 2010

ALBANY — Four months late and hundreds of millions of dollars in additional taxes later, the state Senate finally completed the 2010-11 budget on Tuesday evening.

The final party-line vote — 32 to 28 — arrived after the sun had set on a dizzying day of last-minute negotiations…

Buffalo’s William Stachowski, who for a month had been denying his budget vote in exchange for a push to give individual SUNY and CUNY campuses greater autonomy to raise tuition on their own, gave up his holdout…

Gov. David Paterson earlier tried to separate the SUNY issue from the budget, with the governor offering it as a stand-alone bill. But lacking adequate votes in the Senate…it was laid aside…

Senate Democrats and Republicans came together to pass a property tax cap supported by the governor. It faces long odds in the Assembly, where Speaker Sheldon Silver has opposed the measure.

The Assembly passed the revenue portion of the budget weeks ago.

One element of that bill that initially passed in the Assembly but was dropped in both houses on Tuesday: a revenue action that would have taxed income earned by out-of-state hedge fund managers operating in New York as if they were state residents.

The tax was dropped amid reports that Connecticut was actively wooing New York-based hedge funds to open shop in the Nutmeg State…

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