Middle class tax cuts that will reduce tax rates for millions of hardworking taxpayers and the two-percent property tax cap highlight new state laws that will go into effect on January 1, 2012.
The recently enacted tax cuts will reduce tax rates on middle class taxpayers to their lowest levels in more than 50 years (Chapter 55, L.2011). About 4.4 million middle class taxpayers will receive a total of $690 million in personal income tax relief.
On New York State’s tax filing deadline, the state Senate today passed legislation that would expedite payment of income tax refunds and simplify STAR property tax relief filings for senior citizens.
Bill S.2631 ensures prompt payment of a state income tax refund. Traditionally, the state Department of Taxation and Finance has held returns requesting refunds for up to two months, starting from when taxpayers file their return to when they may actually see the refund.