In light of the governor’s announcement that the state would not tax upcoming federal rebate payments, Assemblyman Joe Giglio (R,I,C-Gowanda) called on the governor to extend the exemptions to include property tax rebate checks.
“With overburdened taxpayers pleading for meaningful tax relief, there is no reason for the governor to have ever considered subjecting federal tax rebates to the state income tax,” said Giglio. “With the economy in the midst of a downward turn, it is important now more than ever that taxpayers keep their hard-earned paychecks. That is why I call on the governor to extend the state income tax exemption to upcoming property tax rebate checks. Property tax rebate checks are currently the only relief we can provide and it is absurd that the state forces homeowners to give a portion back.”
Last session, Assemblyman Giglio and the Assembly Minority Conference introduced legislation to ensure that property taxpayers retain all the savings associated with the Middle Class STAR Rebate program. Currently, when an individual files their New York State Personal Income Taxes they must claim the income they receive from their rebate check. The legislation would exempt the rebate check from this requirement. The bill also establishes a Blue Ribbon Commission, assigned with the task of recommending reforms to the property tax system.