Brooklyn- State Senator Marty Golden (R-C, Brooklyn) today is highlighting some new state laws that will take effect on January 1, 2007.
Empire State Child Tax Credit
In 2007, a taxpayer will be allowed a personal income tax credit equal to one-third of the federal child tax credit for children between the ages of four and seventeen, saving New York parents $600 million in 2007.
"The Empire State Child Tax Credit gives assistance directly to parents, helping them meet the rising costs of classroom supplies and educational materials," said Senator Golden. "I believe it is an important investment in the education of our children. It gives hardworking parents much-needed relief to make ends meet and helps them better provide for their child’s educational requirements."
Eliminate the Marriage Penalty
Beginning in 2007, married taxpayers will see an increase in their standard deduction to $15,000 for joint filers and $7,500 for separate filers, eliminating the "marriage penalty." This tax reduction will save married taxpayers $41 million in 2007.
"Middle-class taxpayers can celebrate the New Year knowing that we have eliminated the unfair income tax marriage penalty," said Senator Owen H. Johnson (R-C, Babylon), "It’s unfair to require taxpayers to pay more simply because they are married. The budget we passed last year corrects this inequity by bringing the standard deduction for married taxpayers in line with the one granted to single taxpayers. It was the right thing to do and the fair thing to do."
Volunteer Firefighters and Emergency Personnel
There are approximately 130,000 volunteer firefighter and emergency personnel in New York. Many counties in the state offer a partial exemption against their property taxes for service in these volunteer fire departments. In order to encourage more New York residents to join their local volunteer fire departments, the Legislature provided a $200 personal income tax credit for volunteer firefighters and emergency personnel not receiving the local property tax exemption, saving them $26 million.
Senator Marty Golden stated, "Our volunteer firefighters and emergency medical personnel do an extraordinary job each and everyday saving lives and property, while also saving taxpayer dollars. This will benefit members of BRAVO (Bay Ridge Ambulance Volunteer Organization), Bensonhurst Ambulance Volunteer Service, Flatlands Volunteer Ambulance, Gerritsen Beach Volunteer Fire Department and Hatzolah Ambulance of Brooklyn, and others throughout Brooklyn, New York City and New York State. This new income tax credit is a small token of appreciation in recognition of their sacrifice and hard work."
Commercials Tax Credit
On January 1, 2007, New York State will enact a $7 million tax credit pool, without sunset, allocated to qualified production companies filming or recording radio commercials in New York. The value of the program is divided between commercial activity growth, downstate jobs, and upstate jobs credits.
"I became active in saving New York's multi-billion dollar motion picture industry because of the outsourcing of productions and jobs from New York to other states and countries," said Senator Marty Golden (R-C-I, Brooklyn). "By working with the industry, Governor Pataki, and members of the state Legislature, I was able to sponsor and pass legislation offering commercial and film tax credits to keep New York competitive and attractive to the industry. The commercial and film tax credits have a trickle down effect on a multitude of industries including movie studios, construction, food service and others. This is clearly an historic tax break that works by keeping New Yorker's working."