08/04/2010 09:55 am ET Updated May 25, 2011

State Budget FINALLY Approved

By Heather Grossmann

DNAinfo News Editor

MANHATTAN -- New York State finally passed it's four-month late budget with the State Senate's approved of a revenue bill Tuesday night, according to several reports.

The legislature missed the April 1 deadline by about 125 days, but did not get the distinction of "latest budget ever," which it would have earned should the legislature have waited until Aug. 11 to pass it, the Daily News reported.

The Senate voted along party lines to pass the budget 32 to 28 after several last minute negotiations, the Times Union reported.

The revenue bill was the last piece of budget legislation the Senate was debating. The new bill will resurrect a state sales tax on clothing less than $110, among other revenue drivers totalling over $800 million, according to the Times Union.

A controversial proposal in the bill to tax hedge fund managers living outside the state as if they were New York residents was eliminated on Tuesday.

New York is now the proud owner of a 2010-2011 budget -- so long as Gov. David Paterson signs off on it, which he is expected to do -- and legislators will be getting a paycheck for the first time since they missed the April 1 deadline.