State Senate approves budget

The New York state Senate formally approved a $136 billion budget this morning at 4:30 a.m.

The budget includes a $350 tax rebate for families, increases school aid by $1 billion and incrementally increases the minimum wage to $9 an hour by the end of 2015.

Currently, the minimum wage is $7.25 an hour and the hike comes with a tax credit that could cover $1.35 of the increase.

The budget increases spending by less than 2 percent, and includes $28 million to develop a gun permit database as part of New York”™s tough new gun laws.

The budget must now be approved by the Assembly, which is expected to vote on Thursday, and signed by Gov. Andrew M. Cuomo. New York”™s fiscal year begins April 1.