Assemblyman Brian Kolb (R,C-Canandaigua) and his minority colleagues today called on the majority to help pass key tax cuts before the legislative session ends on Thursday.
“New York taxpayers are burdened with some of the highest taxes in the United States,” said Kolb. “Seniors, families and business owners continue moving to other states, often chasing jobs and lower taxes. In essence, New York’s high taxes continue pricing out members of our communities. It is fitting we advance our agenda of tax relief before the damage becomes irreversible.”
Kolb and his conference members during a morning press conference urged the Assembly majority to help pass five, key tax-cutting measures to help families and businesses.
- Establish a $400 million personal income tax reduction. The current top personal income tax rate of 6.85 percent is reached by married individuals filing joint returns if their incomes are $40,000 or higher. This bill would reduce the tax rate to 6.75 percent and increase the top income bracket to $60,000. The bill would also increase the top income brackets for heads of households, individuals and married individuals filing separately.
- STAR Excelsior would provide $1.75 billion in additional tax relief by immediately indexing the Basic and Enhanced STAR exemptions to the current median housing values throughout the state.
- A Co-Star program to provide $285 million in county property tax rebates to senior citizens and farmers. The exemption would be available to senior citizens and farmers who are now eligible for Enhanced and Basic STAR exemptions, respectively.
- Eliminate the corporate franchise tax on manufacturers to save business owners and operators more than $500 million annually. Many incentive programs are aimed at attracting new businesses to New York, but some ignore existing manufacturing businesses, which could benefit tremendously from legislation that boosts growth in this vital industry.
- A corporate franchise tax credit equal to 15 percent of the cost of health insurance premiums paid by small-business owners for their employees, saving small businesses $1.6 billion and providing quality health care for thousands of New Yorkers.