Assembly Passes Circuit Breaker Legislation Instead of Governor Plan to Tie Tax Relief to City/Town Budgets

WPCNR ALBANY ROUNDS. From the Office of District 33 Assemblyman David Buchwald. March 13, 2014:

Assemblyman David Buchwald (D-Westchester) announced Assembly passage of the 2014-15 state budget proposal that would cut taxes for families and lower utility bills for residential customers this year.

“We need to make sure we are meeting the needs of seniors, homeowners and hardworking families,” said Assemblyman Buchwald. “The Assembly’s proposal includes provisions to benefit all residents in Westchester.”

The Assembly budget proposal makes significant strides and delivers property tax relief through an expanded circuit-breaker. This proposal will promote relief from property taxes based on a taxpayer’s ability to pay. A personal income tax credit for renters is included as well.

The Assembly Budget proposal also eliminates the 18-a surcharge on residential energy bills this year. Last year, the state enacted a budget that would eliminate this surcharge on utility bills by 2017-18.  The Assembly’s proposal fast-tracks the elimination so that families receive lower energy bills sooner rather than later.

“Cutting taxes and fees for our families remains a top priority of mine. This proposal advances our efforts to alleviate the burden on our hardworking Westchester residents,” stated Assemblyman David Buchwald.

In addition, the proposal increases the New York estate tax threshold from $1 million to $3 million over two years, reducing an unnecessary financial burden for families and small businesses.

 

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