Comprehensive legislation designed to spur New York’s economy and invest in the future passes Senate and Assembly
Albany—State Senator Martin Malavé Dilan (D-Brooklyn) announced that the Senate and Assembly has passed legislation that will help kick start a sluggish economy by providing modest tax relief to the middle class along with financial assistance to victims of Hurricane Irene and Tropical Storm Lee.
“We have taken a great step today toward bringing fairness and balance to our State’s tax structure. While I believe we could have gone further by extending the true ‘millionaire’s tax’ to help offset cuts in next year’s budget, this is a good first step. I also want to applaud Governor Cuomo for his focus on the infrastructure needs that we have all across New York. Infrastructure projects create thousands of jobs and can help carry our state into the future,” Senator Dilan said.
The legislation, enacted during an Extraordinary Session called by Governor Cuomo on December 7, 2011, accomplishes a number of goals:
- Restructures the personal income tax to provide reductions for 4.4 million new Yorkers while simultaneously generating $1.9 billion in revenue for the state
- Establishes the ‘Infrastructure Investment Act’ to inject over $1 billion to facilitate the construction and repair of roads, bridges, flood control projects, educational facilities as well as making efficiency improvements
- Allocates $87 million in grants, training funds and tax credits to inner city youth unemployment
- Provides $50 million for recovery efforts in regions of the State impacted by Hurricane Irene and Tropical Storm Lee
- Makes adjustments to the MTA payroll tax so that public, parochial and private will be exempt from paying the tax. Also, small businesses with payrolls under $1.75 million will now be exempt from the tax saving tax-payers $250 million
“As we begin a new session in January, it is my hope and my goal that we continue to take steps to cut government waste while increasing funding for education, health care and protect and create more jobs,” said Senator Dilan.
Senator Dilan also expressed concern that the additional exemptions from the MTA payroll may hurt the MTA. “When we begin negotiations for the 2012-13 budget, I will work to ensure the State keeps its commitment to keep the MTA whole as a result of these new exemptions. I will also continue my commitment to fully funding the needs of our roads and bridges all across New York – to keep them safe for the millions of travelers who use them every day,” concluded Senator Dilan.