Assemblymember Anthony J. Brindisi (D-Utica) highlighted tax cuts for the middle class, infrastructure rebuilding and flood relief when he announced the tax bracket restructuring bill. The bill has the support of the Senate and governor.
“A true victory for Mohawk Valley families, this bipartisan agreement cuts taxes for middle-class families, invests in projects that will put people back to work and helps our community recover from the devastating effects of Tropical Storm Lee,” Brindisi said. “This is a step in the right direction for our state and comes as welcomed news to middle-class families across Mohawk Valley.”
The bill establishes five new income tax brackets and temporarily restructures the current tax code to provide relief for 4.4 million middle-class New Yorkers. The changes will add nearly $2 billion to the New York State budget and create the lowest middle-class tax rates in more than 50 years.
Joined with the tax code changes are large investments to restore New York’s infrastructure and put tens of thousands of New Yorkers back to work. Under the new bill, $1 billion will be allocated for road, bridge, park, school, energy efficiency, dam and water system projects.
“In a move that will cut costs and delays, and streamlines the infrastructure-project approval process, the state will no longer be forced to hire separate firms for the design and construction of projects – helping get projects off the ground and New Yorkers back in the workforce more quickly,” Brindisi said.
Specifically helpful for Oneida County, the flood recovery grant program establishes a $50 million fund to continue recovery efforts in regions impacted by Tropical Storm Lee. Local governments can also choose to allow taxpayers impacted by the flooding to pay their property taxes in installments for more relief.