Today at 3 p.m., during the NYS Senate Session, Senator Jim Tedisco (R,C-Glenville) will offer a bi-partisan bill as an amendment on the Senate Floor a bi-partisan bill to exclude unemployment benefits from taxable income for those impacted by the pandemic, to be consistent with the federal government.
Last week, after Tedisco’s prodding, the Governor moved New York State’s income tax deadline from April 15th to May 17th to be in line with the federal government. However, the Governor has refused to follow the federal government’s lead and exclude the first $10,200 of unemployment benefits from 2020 taxable income.
Tedisco and the Senate Republican’s amendment on the Senate Floor is legislation sponsored by Senate Majority member Senator Simcha Felder, Senate Bill S.5125A.
According to the Department of Labor, 4.6 million New Yorkers received unemployment and pandemic unemployment benefits since the start of the COVID-19 pandemic last year. The $10,200 in tax relief in this measure would cover 17 weeks of the $600 per week unemployment benefit. California, New Jersey, Oregon, Delaware, Pennsylvania and Virginia exempt unemployment insurance benefits.
“The ‘Empire State’ is fast becoming the ‘Empty State’ because New York leads the nation in high taxes. Those who faced unemployment this past year through no fault of their own due to the pandemic have been struggling to pay their mortgages, put food on the table and provide for their families. They should not have to pay state taxes on the first $10,200 of their unemployment insurance when the federal government is giving them an income tax exemption on the same benefit,” said Senator Jim Tedisco, a member of the Senate Finance Committee.
“Now that New York’s $15 billion deficit has been erased, those who lost their jobs during this past year should get a tax break, not a tax slap. If the Majority wants to block our amendment as a procedural vote for political reasons, then they should walk the walk and the next session day move Senator Felder’s bill through committee and onto the Senate Floor Calendar so Democrats and Republicans can stand up for our beleaguered workforce,” said Senator Tedisco.