Assemblyman Brian Curran (Lynbrook – 14th A.D.) today voted in favor of legislation that reformed the New York State tax code that will decrease taxes on middle-class families, and create jobs and businesses throughout New York State.
“The 14th Assembly District is made up of middle-class families that are struggling in these tough times” said Curran. “This legislation not only gives middle-class families and small businesses immediate relief but also improves the business atmosphere in the 14th Assembly District so that new jobs can be created.”
Under the bill, middle-class families earning between $40,000 and $300,000 will see a reduction in the marginal tax rate. The passage of the legislation leaves the marginal tax rate for middle class the lowest rate in 50 years and reduces taxes by approximately $160 a year.
“The repeal of the MTA payroll tax, which is a job-killer for Nassau and Suffolk counties, was a promise I made last year. I’m happy to say that with the passage of this legislation, 78% of this tax has been repealed for businesses and it has been fully repealed for public and non-public schools,” said Curran.
This bill also provides a 50% reduction in the corporate franchise tax for manufacturers across the state, which was also a promise made by Curran last year.