Assemblyman Brian Kolb (R,C-Canandaigua) said today’s action by the state Legislature to create a personal income tax credit to relieve homeowners from property tax burdens is an option legislators have exercised in response to Gov. George Pataki’s initial opposition. The School District Property Tax Credit would replace legislation passed earlier this year that was deemed unconstitutional by the governor.
“The purpose of this legislation is to provide much-needed tax relief to homeowners facing high taxes and to senior citizens in jeopardy of losing their homes to rising assessments,” said Kolb. “Our first priority is setting things right. It is only fitting that we return this money to those who earned it and to help alleviate the tax burden.”
Kolb noted the new measure would provide an increased tax credit for Enhanced STAR-eligible senior citizens, whose income is less that $67,850 per year.
“This legislation aims to remedy constitutional concerns raised by the governor while still providing relief to New York’s property owners in a constitutionally sound way,” added Kolb.
Depending on where they live, residents in Assemblyman Kolb’s district should see an average credit ranging in the amount of $188 to $213, with seniors receiving about $276 to $312.
If the legislation is signed into law by the governor, the state Department of Taxation and Finance would be required to send property owners a claim form in the amount of the credit each taxpayer qualifies for by September 1. Taxpayers who do not want to claim the advanced payment would be eligible for the same amount of credit when they file their personal income tax returns.