New York will be the only state in the country to cover four-year public college tuition for residents.
According to NBC, the state's Excelsior Scholarship program will be rolled out in tiers over the next three years, starting with full coverage of four-year college tuition this fall for students whose families make less than $100,000.
The income cap will increase to $110,000 in 2018 and $125,000 in 2019.
According to Cuomo's office, the budget includes a record $7.5 billion for higher education — though that's only a 6.3 percent increase from 2016.
An estimated 80 percent of New York State's families with college-age kids could use the new program.
The Excelsior Scholarship will be included in the state's Free Application for Federal Student Aid (FAFSA), and students will see that they are eligible when they fill out the forms this spring.
There is no age limit for the program; students must be enrolled full-time with an average of at least 30 credits per year and meet the minimum GPA requirement for their program.
The state is also investing $8 million in electronic books in order to lower costs for students, a spokesperson for Cuomo's office told NBC News.