New York's budget for fiscal 2010 will alter the state's public finance landscape in several significant ways: by increasing the cost of bond issuance for public authorities and corporations, changing how personal income tax bonds are sold, and introducing short-term borrowing on the PIT credit.

New York almost passed its $131.8 billion budget on time to cap an extraordinary fiscal year that included new Gov. David Paterson finishing up disgraced former Gov. Eliot Spitzer's fiscal 2009 budget, the takeover of the state Senate by Democrats for the first time since the 1960s, and the near free fall of the state's most important industry, Wall Street.

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