"This budget is a bold blueprint for progressive action that builds on seven years of success and helps New York continue to lead amid a concerted and sustained assault from Washington on our values and principles," Governor Cuomo said. 

Non-CPA Ownership Stripped from Budget Bill

Also relevant to New York CPAs was what was not in the budget lawmakers approved Saturday.

While Gov. Andrew M. Cuomo and the New York State Senate had included legislation in each of their respective budget proposals that would have allowed non-CPAs to own a minority stake in a New York CPA firm, the Assembly did not; and the provisions were not included in the final budget bills that will be sent to Cuomo for his signature.

Currently, New York is one of just two remaining states that require CPA firms to be 100 percent owned by CPAs, at a time when firms are growing their consulting businesses, developing new lines of business and recruiting non-CPAs to run them.

Once the New York legislature returns from its spring recess on April 16, non-CPA ownership could resurface in unlinked bills. A standalone Assembly bill, which had already been introduced, and a companion Senate bill, remain under consideration in their respective chamber’s Higher Education Committees. Both bills remain active throughout the current legislative session, which closes on June 20.