New Laws Take Effect to Provide Business Tax Cuts and Family Tax Relief
Senator Andrew Lanza today announced new laws that take effect on January 1st to provide small businesses and families with much-needed tax relief.
Hundreds of thousands of small businesses and manufacturers in New York will see a reduction in their state taxes as a result of new tax cuts. Over the next three years, these cuts will save small businesses $140 million that they can use to reinvest in their businesses, to grow and create new jobs.
Also taking effect is the new Family Tax Relief program which will provide middle class families with a total of $375 million in tax relief in 2014, and more than a billion dollars total by 2017. Over the next three years, each New York family with at least one dependent child and a household income between $40,000 and $300,000 will receive $350 in direct tax relief.
Senator Lanza supported these new laws to continue his efforts to cut taxes, create jobs, and provide much-needed tax relief to hardworking taxpayers.
Looking ahead to 2014, Lanza's priority will be broad-based tax relief and regulatory reform. He will be focused on tax cuts that will enable businesses to create new jobs, and provide brighter opportunities, especially for young people who want to stay in New York to live, work and raise a family. To accomplish that important goal we must reduce taxes to make New York more affordable for families and more competitive for businesses.
For more information on other important new laws that are taking effect on January 1, monitor Lanza's website or Facebook page.