New York’s budget committee voted Thursday to approve the first budget in three years, with the goal of passing a budget by the end of June.
The budget is expected to be signed by Gov.
Andrew Cuomo by the middle of the week, with a final budget expected in August.
New York State Assembly Speaker Carl Heastie, a Democrat, had asked for a $4.3 billion budget, with about $3.9 billion coming from the city, with $1.5 billion from the state and $2.5 million from the New York Police Department.
A new $1 billion tax on income from real estate is expected, with additional revenue to be raised from the sale of property and related businesses, the state’s Housing Development Authority, the New Yorkers for Jobs Act, the Capital Improvement Program, and other sources.
The city has been under the control of Cuomo since taking office in January 2017.
Cuomo’s plan, which the governor calls a “fair share” tax, is modeled on similar policies in several other major US cities, including Chicago, Seattle, and San Francisco.
The governor has said the plan will generate revenue for the state through property taxes and income tax increases, but has not specified which taxes he will increase.
The bill also proposes raising $7.4 billion in new revenue by 2020, with more to be used to help lower-income residents.
Cuomo has said that the budget would be balanced by 2021.
He said it would also help “make New York a city of opportunity for the next generation.”