Continuing the state’s efforts to reduce the tax burden on residents, Senator Charles J. Fuschillo, Jr. (8th Senate District) announced that beginning on June 1, New Yorkers will begin to save a collective $560 million in taxes over the next year due to a reduction in the State sales tax rate. Senator Fuschillo, Chairman of the Senate Consumer Protection Committee, announced that the drop from 4.25% to 4% will allow consumers to save and spend more of their money as they see fit.
"Families on Long Island need to have tax relief and this tax savings will provide that while also enabling New York State to continue investing in the education of our children and fulfilling the needs of all our residents," stated Senator Fuschillo. "We must continue to work to protect the families of this state when possible and this tax reduction should help accomplish that goal."
According to the Senate Finance Committee, the savings to Long Island consumers would result in over $100 million based on sales information. For Nassau residents, the savings would amount to over $48 million and Suffolk residents would see over $52 million in savings.
"This is real money for real families on Long Island to spend on whatever they decide," added Senator Fuschillo. "This sales tax reduction is one component of an overall tax cut effort that invests in the future by helping create jobs, especially in cutting-edge technologies and manufacturing."
Retailers and vendors across the State have been notified of the sales tax reduction by the State Department of Taxation and Finance. The 2005-06 State budget included more than $155 million in tax reductions to help consumers save money and to create jobs, boost manufacturing, stop outsourcing and encourage more high tech and biotech business expansion in New York.
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