The Enacted Budget also creates a dedicated lockbox to ensure that 100% of this revenue goes to the MTA capital budget and prohibits the use of these revenues for non-capital spending.
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The Enacted Budget also creates a dedicated lockbox to ensure that 100% of this revenue goes to the MTA capital budget and prohibits the use of these revenues for non-capital spending.
New York Gov. Andrew M. Cuomo and state legislators announced an agreement on the FY 2020 Budget, which includes funding for the Metropolitan Transportation Authority that will be largely generated through a congestion-pricing plan.
The first program of its kind in the nation, the Central Business District tolling program will include the installation of electronic tolling devices on the perimeter of the Central Business District, defined as streets south of 60th Street in Manhattan. The program will be established, operated, and maintained by the Triborough Bridge and Tunnel Authority (TBTA), working closely with the New York City Department of Transportation for installation. A six-member Traffic Mobility Review Board will be established by the TBTA to advise on tolls, exemptions, and credits to ultimately be determined by the TBTA based on recommendations from the Board.
The toll is designed to reduce traffic and increase vehicle speeds in the busiest part of Manhattan. Tolls will be variable and passenger vehicles will only be charged once per day. The implementation day will not be before Dec. 31, 2020, with the program set to leverage $15 billion that will be dedicated to the MTA’s capital needs, including the Metro-North and Long Island Rail Road.
The Enacted Budget also creates a dedicated lockbox to ensure that 100% of this revenue goes to the MTA capital budget and prohibits the use of these revenues for non-capital spending.
"From the beginning, I said we will not do a budget that fails to address three major issues that have evaded this state for decades — the permanent property tax cap, criminal justice reform and an MTA overhaul including Central Business District Tolling," Gov. Cuomo said. "I also said this budget must be done right — meaning it must be fiscally responsible and protect New York from the federal government's ongoing economic assault on our state. I am proud to announce that together, we got it done.”
Additional funding for the MTA will be raised through a Progressive Mansion Tax and an Internet Sales Tax, which will provide a consistent framework for the collection of required sales taxes by internet marketplace providers, and is expected to annually generate $160 million in new revenue for local governments and $320 million for the MTA capital plan lockbox, supporting up to $5 billion. Other changes in sales taxes will generate another $48 million in new resources for county governments outside of New York City.
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