April 9, 2008(Key vote)
Title: Budget Financing
Vote Smart's Synopsis:
Vote to pass a bill that amends various statutes for the purpose of implementing the fiscal year 2008-2009 education, labor, and family assistance budget.
- Requires all schools (year two or above) that are classified as "requiring academic progress" to prepare a contract for excellence [part A (sec. 2) (1)].
- Allows the Commissioner of Education to adopt regulations allowing for programs for students with limited English proficiency [part A (sec. 2) (3)].
- Maintains foundation aid set-asides for the development, maintenance, or expansion of magnet schools [part B (sec. 49) (a)].
- Prohibits the granting or denial of tenure from being based up the performance of students [part C (2)].
- Repeals the New York City Personal Income Tax credit for individuals with incomes that exceed $250,000 (Part R).
- Disallows Family Court judges from imposing detention unless other alternatives would not be appropriate (Part DD).
- Lowers the tax rate on business and investment capital from 0.178 to 0.15 percent (part GG-1).
- Requires organizations that are exempt from the sales and compensation use tax to collect the tax on the retail sale of tangible personal property, other than for resale, by telephone, Internet, mail order, or lease (Part KK-1).
- Requires out-of-state merchants, including Internet companies, to collect sales tax for items purchased and shipped to New York residents (Part OO-1).
- Increases the cigarette tax to $2.75 for a package of 20 cigarettes [part RR-1 (sec. 1) (1)].
- Extends the Investment Tax Credit until 2011 (Part YY-1).
- This bill substituted A 9807.
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.