Today, the New York State Senate has approved an important bill sponsored by Senator Felder that will protect hardworking New Yorkers from $1.5 Billion in new and higher taxes, and prevent the state from receiving a windfall from recently enacted federal tax changes.
Without passage of this bill and its subsequent decoupling of the state and federal tax codes, millions of taxpayers would be taxed again at the state level as a result of actions taken in Washington, D.C. We will not allow that to happen.
This legislation is another component of a comprehensive “Affordability Agenda” that Senate Republicans have advanced as part of our “Blueprint for a Stronger New York.” It would cut income taxes, cut energy taxes, freeze property taxes for seniors and increase the size of the rebate checks by 25 percent for homeowners, cut retirement taxes and balance our budget without new taxes or fees.
For years, Senate Republicans have been at the forefront of efforts to cut taxes and make our state more affordable to live and to work. We created the original STAR program and the popular rebate check program, enacted the successful 2 percent property tax cap, and authored a landmark $4.2 billion middle class income tax cut - one of the largest tax cuts in state history.
We must continue to work to mitigate the impact associated with the federal tax bill for any taxpayer who is negatively affected, and our budget this year must reduce taxes. The working men and women of this state are counting on us to provide them with the tax relief they need and deserve. This year, it is more important than ever that we get the job done.