Sen. Skelos, Senate Republican Conference propose Family Tax Relief Act
ALBANY, N.Y. –Temporary President and Majority Leader of the New York State Senate Dean Skelos (R-Nassau) and members of the Senate Republican Conference unveiled the Family Tax Relief Act, which they hope will be a major economic boost to New York's struggling middle class.
The plan would basically increase tax breaks to keep up with inflation.
Some of the breaks haven't been adjusted in over 25 years, and that, skelos says, keeps middle class families at a constant disadvantage.
Some examples under the Family Tax Relief Act -- the Dependent Exemption would be increased from $1,000 to a little over $2,000 per dependent. The exemption was last updated in 1987.
It would restore the state's Star Rebate Check Program, which provides direct relief to seniors, as well as middle class families paying high property taxes.
Skelos says the plan is a way for families to make ends meet with the ends constantly being moved.
The Senate Republican Family Tax Relief Act includes the following:
Increase Dependent Exemption
Increase the Dependent Exemption from $1,000 to $2,020 per dependent;
Allow a subtraction from gross income for each dependent the taxpayer claims;
Dependent Exemption last increased in 1987.
Increase Dependent Care Credit
The Dependent Care Credit, which is a percentage of the federal credit, allows taxpayers a tax credit for the expenses incurred for the care of a child;
Dependent Care Credit last increased in 1999;
Our plan will increase the percentage range of the federal child care credit that parents can receive, from 20 percent to 110 percent (depending on income), to 27 percent to 150 percent of the federal child care credit.
Increase Child Tax Credit
Increase the maximum Child Tax Credit from $330 to $375 to adjust for inflation;
Child Tax Credit last amended in 2006;
Our plan increases the Child Tax Credit from 33 percent of the federal child tax credit to 37.5 percent;
In New York State, married-joint filers with income less than $130,000 (federal), who have a child that is between the ages of 4 and 16, can receive the credit;
Provide an additional $500 Child Tax Credit per family.
Restore STAR Property Tax Rebate Checks
Restore STAR Rebate Check Program to provide an estimated additional $1.3 billion in tax relief; This will provide real and direct relief to millions of people across the state, including seniors and middle class families.
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