BUFFALO, N.Y. (WKBW) — Republicans in the New York State Assembly are proposing a bill to give relief To New Yorkers as inflation reaches record numbers.
“This will take care of overburdened taxpayers,” Deputy Minority Leader Steve Hawley said.
Deputy Minority Leader and bill co-sponsor Steve Hawley said the bill would exempt sales tax for gas, personal care products, housekeeping supplies and ready to eat foods.
“It would be very helpful for all of our citizens, especially in upstate and Western New York with fuel costs having gone up over a dollar a gallon.”
Govorner Kathy Hochul's budget proposal includes:
Acceleration of the middle class tax cut:
- This bill would accelerate the middle-class tax cuts and change the completion date to Tax Year 2023 rather than Tax Year 2025.
- This bill would effectuate a tax cut in Tax Year 2023 for the middle-class by skipping the interim tax brackets for Tax Years 2023 and 2024 and would implement the lower rates originally planned for Tax Year 2025.
Homeowner tax rebate credit:
- This $2.2 billion proposal would provide property tax relief to New York’s homeowners in the form of a new Homeowner Tax Rebate Credit.
- This proposal creates a Homeowner Tax Rebate Credit against personal income tax for Tax Year 2022. This credit would be available as an advance payment (check) issued to income-eligible resident taxpayers who own and reside in property receiving Basic or Enhanced STAR.
- The amount of the credit would be a percentage of the property’s Basic or Enhanced STAR savings, whichever applies, using a progressive income-based schedule.
But Hawley said, based on the 7% increase in inflation, the average consumer is seeing a $375 increase in expenses per month.
“Whether you have very limited income, moderate income or are doing okay. It effects everybody,” Hawley said.
Local governments can decide to opt in or out of this bill if it is passed. The bill says New Yorkers would save $2.6 billion in sales tax every year.
“This is a step in the right direction to help people,” Hawley said. “Especially because this is a regressive tax.”
Hawley said this bill would go into effect immediately if signed by Gov. Hochul. We reached out to several assembly democrats, none made themselves available for an interview.