New York Governor Andrew M. Cuomo recently announced the passage of the 2011-2012 state budget. The budget includes reforms that redesign state government, create efficiencies through consolidation, cap spending increases for education and Medicaid, and transform the future budgeting process. The budget is designed to eliminate the state’s $10 billion deficit. Among other things, the new budget authorizes the Empire State Development Corporation to finance up to $30 million in federal New Market Tax Credits to support job creation and development efforts in low-income communities through the state. The budget also extends the low-income housing tax credit by $4 million in aggregate credit awards to taxpayers that develop qualifying housing projects for low-income New Yorkers. The total amount of credits to be awarded becomes $40 million.

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