N.Y. Governor Eliot Spitzer has proposed upping the current surcharge on Empire State auto insurance policies by $15 as part of his statewide budget plan.
That increase would raise to $20 the surcharge on any New York auto insurance policy.
The bump in surcharges – expected to generate a reported $140 million for the state – is one of numerous new taxes and fees proposed by Spitzer as part of an effort to close an estimated $4.4 billion deficit in his state budget proposal.
Spitzer has proposed using $100 million of the money generated by the new surcharge to help pay for a proposed $1 billion “Revitalization Fund” that will promote upstate economic development initiatives.
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