More than two months into the fiscal year, New York State yesterday adopted a budget for fiscal 1995 featuring a series of business tax cuts, an increase in spending, and a plan to reform the way the state sells its longterm debt.

Gov. Mario M. Cuomo is expected to sign the various bills that make up the budget sometime this month, a spokeswoman for the budget division said yesterday. The budget bills that replicate the governor's original budget submitted in January will go into effect immediately, the spokeswoman said. Other bills, such as the tax cut bill, will go into effect when the governor signs them, the spokeswoman said.

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