The Assembly today passed legislation creating a personal income tax credit to help relieve homeowners from ever-increasing property tax burdens. Assemblyman Bill Reilich (R,C,I-Greece), who voted for the measure, is calling it “much-needed relief and a victory for property taxpayers.”
“The property tax relief we are talking about today recognizes Gov. Pataki’s initial opposition to earlier tax-relief measures passed by the state Legislature,” said Reilich. “The School District Property Tax Credit would replace that legislation, yet still provide much-needed tax relief to homeowners.”
Assemblyman Reilich said the new measure would provide an increased tax credit for senior citizens who are collecting or are eligible for the Enhanced School Tax Relief (STAR) program. Their incomes must be less than $67,850 per year to qualify.
If signed into law by the governor, the measure passed today would make the state Department of Taxation and Finance responsible for sending property owners a claim form in the amount of the credit each taxpayer qualifies for by September 1. Taxpayers not wanting to claim the advance payment would be eligible for the same amount of credit when they file their personal income tax returns.