State Senate passes $3.3 billion tax cut for New Yorkers
- No taxpayers will see their personal income taxes go up
- Overwhelming majority of taxpayers to receive a tax break
- 91% of taxpayers affected by the PIT surcharge to receive tax cut
To figure out your reduced tax rate as a result of the Middle Class Tax Cut and Job Creation Plan, click here.
Albany, N.Y. – The New York State Senate late Wednesday night passed the Middle Class Tax Cut and Job Creation Plan that will cut personal income tax rates for millions of New Yorkers and for thousands of manufacturers. The plan will provide $3.3 billion in tax relief to individuals and businesses.
“For the first time since being elected to the State Senate three years ago, the State Legislature passed a bill which actually cuts taxes – instead of resorting to billions of dollars worth of tax increases as in prior State budgets,” said Senator Ranzenhofer. “Under this tax cut plan, no taxpayers will see their personal income taxes go up and the overwhelming majority of taxpayers will get a tax break.”
Highlights of the tax cut plan include:
- Over 4.4 million middle-class taxpayers will receive $690 million returned to them in their paychecks, cutting tax rates for the middle class to their lowest levels in over fifty years.
- The corporate tax rate for over 5,000 manufacturers in Upstate New York will be cut in half, saving $25 million for businesses to invest in creating new jobs.
- Income brackets and the standard deduction will be adjusted for the rate of inflation to prevent “bracket creep,” providing every taxpayer who pays personal income taxes $440 million over two years.
- The personal income tax surcharge, enacted by Democrats in 2009, will be eliminated, resulting in ninety-one percent of taxpayers currently affected receiving a tax cut.
“New Yorkers, rather than State government, will get to save or spend more of their hard-earned money, and manufacturers will be able to put these savings towards creating new jobs. This plan gives us a good start on next year’s budget process, as I, along with my colleagues in the Senate, work to further reduce spending and return those dollars to taxpayers in the form of additional personal income tax cuts,” said Ranzenhofer.
The tax cut plan is supported by the Business Council of New York State, Unshackle Upstate, the National Federation of Independent Businesses and the New York Farm Bureau.