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After weeks of intense negotiating, state lawmakers and Governor Kathy Hochul finalized the $229 billion New York State budget, BTEA has been closely monitoring the progress of the budget and the fate of items and proposals that deeply impact New York’s building contractors.
There are disappointments. For example, the material price escalation clause that the State Senate had approved – and would have provided relief to contractors impacted by material price increases – did not survive the final budget. While the budget has been finalized, talks are ongoing and future adjustments to the budget are still possible. For now, here’s a summary of what’s in and what’s out of the budget as of May 10, 2023.
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