On Wednesday, the New York State Legislature passed a middle class tax cut and job creation plan that will provide significant tax relief to hardworking families and business owners throughout the state. By changing the state’s tax bracket, approximately 4.4 million taxpayers will receive $690 million in personal income tax relief. This means more money in the taxpayer’s pocket to help fuel the economy.
This bipartisan compromise also will help create jobs for New Yorkers by cutting the tax rate for certain manufacturers and by supporting new infrastructure projects in the state. I am pleased to have partnered with Governor Cuomo and the Assembly on this agreement, which reflects two of my main priorities: cutting taxes and creating jobs.
Click here to watch Senator DeFrancisco's interview on Capital Tonight with Liz Benjamin, explaining the legislation.