Senate Republican Plan Will Expand Tax Breaks, Restore STAR Rebates
State Senator Patty Ritchie is announcing a package of tax relief and reform measures aimed at providing a major economic boost to New York State’s middle class families.
Announced Monday, the 2013 Family Tax Relief Act would increase tax breaks for the middle class that have not kept pace with inflation, and in some instances, haven’t been adjusted for more than 25 years. In addition, the act would restore STAR rebates that were eliminated in 2009.
“When it comes to our state’s economy, we have begun to turn a corner, but there’s still a lot of work ahead,” said State Senator Patty Ritchie. “This plan is a step in the right direction towards revitalizing New York”
“Through these reforms, we can continue to build upon the work we have already done to make living in New York State more affordable for our middle class, create more jobs and promote economic growth overall.”
The Family Tax Relief Act includes the following elements:
- Increasing the dependent tax-exemption from $1,000 to $2,020 per dependent
- Boosting the dependent care credit for taxpayers with children and the child tax credit from $330 to $375
- Restoration of the STAR program, which before being canceled in 2009, delivered rebate checks averaging up to $529 to homeowners in Oswego, Jefferson and St. Lawrence Counties. Restoration of the program is expected to provide an additional $1.3 billion in tax relief.
For full details on the plan, click here.