Albany- State Senator Martin J. Golden (R-C, Brooklyn) and Assemblyman Vito Lopez (D-Brooklyn), the legislators who led an educational revolution throughout New York State last year, which led to the establishment of an historic Empire State Child Tax Credit, today are encouraged by Governor Eliot Spitzer’s budget address and his commitment to aid New York families meet the rising education costs here in New York State.
Senator Marty Golden stated, "Governor Spitzer’s proposed personal income tax deduction of up to $1000 per child is a step in the right direction. This proposal, coupled with the Empire State Child Tax Credit established in New York State last year of $330 per child, will make education more affordable for New York’s families. This will allow families the ability to choose the school that will best educate their children, echoing what we already knew that dollars spent on the education of New York’s children are best spent by their parents who know best. I look forward to working to create this education specific tax deduction for all of New York’s parents."
Assemblyman Vito Lopez stated, "The proposed tax deduction of $1000 per child introduced by Governor Spitzer is a direct result of the initiative taken by a strong coalition of county and religious leaders. Last year we worked hard to create the Empire State Child Tax Credit. Governor Spitzer's new tax deduction is an excellent addition to our hard-fought efforts. Now parents will have access to tax relief amounting to $1330 per child.
Assemblyman Vito Lopez continued, "This year I look forward to working with Senator Marty Golden to introduce legislation to provide an education rebate for $500. The new rebate is meant to accommodate working families who may not be eligible for the Governor's deduction. I look forward to continued progress on this issue, and I salute Governor Spitzer's new legislation."
The Empire State Child Tax Credit is limited to children of the taxpayer who are between the ages of 4 and 17, and is equal to 33% of the federal child tax credit which is equal to $1000 per child. The tax credit will save New York taxpayers approximately $600 million.