State Senate Republican Conference Introduces Family Tax Relief Act
New York’s Senate Republican Conference is unveiling a plan that may help create tax savings for families and seniors.
The newly proposed Family Tax Relief Act aims to increase tax breaks that failed to be adjusted with yearly inflation, while also restoring the STAR property tax rebate check program.
“The state was under the control of one party and one region; New York City Democrats,” Griffo said. “They voted to eliminate the STAR rebate check program over our objections, and it cost seniors and homeowners hundreds of dollars in relief. So, middle families continue to lose ground and it’s time to do something about that.”
Griffo says by restoring the STAR rebate checks, the average amount coming back would be about $445, while an enhanced STAR check for seniors would be $460. In total, more than $1.3 billion would be added in tax relief.
Fellow Republican State Senator, James Seward, is also on board. He says the current exemptions are out of date and need an adjustment to keep up with rising costs.
“The current $1,000 value of the dependent exemption was last revised in 1987 when today’s parents of high schoolers were still in school themselves,” Seward said. “Think of what has changed in that time – the price of gasoline was 89 cents per gallon… and the price of home ownership was half of what it is today.”
According to the Family Tax Relief Act, the state’s Dependent Exemption would more than double in value. Additional increases would also be made to the state’s Child Tax Credit, adding another $500 to the amount per family. The maximum Child Tax Credit will also be raised from $330 to $375 to adjust for inflation.
“When the Child Tax Credit was initially enacted, it saved you about $330, but under the current value after inflation it’s down to about $285,” Griffo said. “Under our proposal it would go to about $375, so not only would it be equal to what it was what when it started, but we’d add another $35 to it so it has a few more extra dollars in it.”
State Senator Joe Griffo says the legislation has strong Republican support, but isn’t sure what the Democrat response is so far. If proposed, the Family Tax Relief Act would be up for debate soon.