John A. Defrancisco's posts related to Taxes

SENATE PASSES LEGISLATION ESTABLISHING ANGEL TAX CREDIT FOR SMALL BUSINESSES

Senator John A. DeFrancisco announced on June, 18, 2012, that legislation he sponsored (S6837-2011), creating an angel tax credit for investors who invest in certified startup business enterprises, passed the Senate.

The bill authorizes the Commissioner of Economic Development to certify Startup Business Enterprises (SBE) in targeted industries and technologies and allocates $7 million in Angel Tax Credits each year. The minimum investment is $100,000 and is capped at $1 million per individual small business.

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Clothing Sales Tax Exemption is in Effect

Your clothing and footwear purchases up to $110 dollars are no longer subject to New York state sales tax. 

On April 1, 2012, the New York State sales tax clothing exemption was restored to the original less-than-$110 threshold.

This means that sales of eligible clothing and footwear, costing less than $110 per item or pair, are now exempt from the state's 4% sales tax and local tax in those localities that enacted the exemption.  This new tax break could save a family of four as much as $200 dollars a year. 

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STATE TAX FORMS ARE AVAILABLE AT MY DISTRICT OFFICE

Tax filers who are unable to download a New York State Tax Form, can call my district office at 315-428-7632 to have one mailed to them. You must file your taxes by April 15, 2013.

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SENATE REPUBLICANS UNVEIL FAMILY TAX RELIEF ACT

The Family Tax Relief Act Would Increase Tax Credits to Help Struggling Middle Class Families, Restore STAR Property Tax Rebate Checks for Millions of New Yorkers

Senate Republican Leader Dean Skelos and members of the Senate Republican Conference today unveiled the Family Tax Relief Act, a package of tax relief and reform measures designed to provide a major economic boost to New York’s struggling middle class families.

The Senate Republican plan would increase tax breaks that have not kept pace with inflation, and, in some instances, haven’t been adjusted for more than 25 years. The plan also restores the STAR property tax rebate check program to provide real and direct relief to millions of New Yorkers who pay some of the highest property taxes in the country.

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Senator DeFrancisco Talks About Tax Breaks for Middle-Class Families on Your Voice

On this week's Your Voice cable program, State Senator John A. DeFrancisco discusses the Senate's Family Tax Relief Act and the Senate's Grown in New York plan. 

STATE SENATE PASSES LEGISLATION ESTABLISHING ANGEL TAX CREDIT FOR SMALL BUSINESSES

Senator John A. DeFrancisco today announced that legislation he sponsored (S3732) creating an angel tax credit for investors who invest in certified startup business enterprises passed the Senate.
 

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Senator DeFrancisco Discusses the Public Assistance Integrity Act on Your Voice

On this week's Your Voice program, I explain how the “Public Assistance Integrity Act,” which has passed the State Senate, would prevent welfare fraud and protect taxpayer dollars.  I also discuss legislation that I have sponsored to crack down on tax delinquent landlords. 

NEW YORK STATE SENATE TO HOLD STATEWIDE HEARINGS ON TAX REFORM

Senators DeFrancisco & Marcellino To Chair Hearings on Reducing and Reforming NYS Taxes To Ease Burden on Taxpayers and Create Jobs

The state Senate Finance Committee, chaired by Senator John DeFrancisco (R-C-I, Syracuse), and the Committee on Investigations and Government Operations, chaired by Senator Carl L. Marcellino (R, Syosset), have scheduled five statewide public hearings on how New York’s tax policies can be changed to reduce the burden on taxpayers and to help businesses create more jobs.

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Senator DeFrancisco Chairs Hearing on Tax Reform Initiatives

State Senator John A. DeFrancisco, chairman of the Senate Finance Committee, and Senator Carl L. Marcellino, chairman of the Committee on Investigations and Government Operations, are hosting five statewide public hearings on reforming New York’s tax policies to help reduce the burden on taxpayers and help create jobs.