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New York lawmakers to vote on $140 billion budget

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ALBANY — The state Legislature is set to adopt a nearly $140 billion budget that includes some tax breaks for businesses and homeowners and a 5 percent increase in school aid.

Gov. Andrew Cuomo and legislative leaders reached an agreement on the deal Friday night into Saturday. Voting is expected on Monday for the spending plan for the new fiscal year that starts on Tuesday.

The budget deal adds $340 million for pre-kindergarten, mainly for New York City.

An estimated $1.5 billion in homeowner tax relief is tied to local governments staying within a 2 percent tax cap the first year and enacting cost-saving plans the second year.

The deal includes a $2 billion school technology bond act to go before voters in November.

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