In light of the governor’s announcement today that there will be no state income tax on the federal tax rebate checks, Assemblyman Andrew Raia (R,I,C,WF-East Northport) is calling on state leaders to extend that same privilege to New York state’s property tax rebate checks.
“Today, the governor took the opportunity to remind us what we already know - that a state income tax will not be imposed on the rebate checks the federal government will be issuing to taxpayers as part of its stimulus package. While this is good news for taxpayers, I would like to see the governor apply a similar perk to the state’s property tax rebate checks, which are currently subject to state and federal income tax,” said Raia.
“Taxpayers need meaningful long-term relief from skyrocketing property taxes. Imposing a tax on the state’s rebate check is counterproductive and defeats the purpose for which it was intended – to provide financial relief from the growing burden of increasing tax rates. Instead of grandstanding on a provision already in place – not to impose a state income tax on the federal rebate checks – the governor should promote meaningful, long-term property tax relief.”
Assemblyman Andrew Raia is supporting a bill that would ensure that New York state taxpayers retain all of the savings associated with the Middle Class STAR Rebate program, which was enacted in the 2007-2008 state budget. Currently, when an individual files their New York State or New York City Personal Income Taxes, they must claim the income they receive from their rebate check. The bill will exempt the rebate check from their income when filing New York State or New York City Personal Income Taxes, allowing the taxpayer the maximum benefit from the rebate check.