Assemblyman Kenneth Zebrowski (D-New City) announced the passage of legislation he supported that will restructure the tax code in order to provide hardworking, middle-class families with much-needed relief (A.40002). Under the new tax code, 99 percent of New Yorkers will see reduced tax rates, while a higher tax bracket will be created for those making over $2 million a year.
“Rockland County families are already paying some of the highest taxes in the nation,” Zebrowski said. “Middle-class families need this tax cut to help alleviate the financial burden weighing on them during these difficult economic times.”
With the new high-income tax bracket, the state will raise about $2 billion in revenue for each of the next three years. This revenue will be used to spur job creation, invest in our schools and pay down the budget deficit – putting the state on stable fiscal ground.
“With this new revenue, we can focus on restoring aid to Rockland County school districts that are in dire need of additional funding,” Zebrowski said. “Making sure our schools have the necessary funds to help our children receive a better education is crucial to our communities as we move forward.”
Additional unspent resources from the tax reform revenue will be placed in a new dedicated reserve fund that will be used toward future needs, such as local mandate relief and education, added Zebrowski.
This legislation will also reduce the MTA payroll tax by exempting small businesses with payrolls under $1,250,000 and self employed individuals making less than $50,000. In addition, both public and private schools will be exempt from paying this tax.
“The elimination of the job-killing MTA payroll tax for schools will help free up funds and allow them to use that money for educational purposes,” Zebrowski said.
“An infrastructure plan that will work to repair crumbling roads, buildings and bridges, like the 56-year-old Tappan Zee Bridge, is also included in the legislation. This essential initiative will help create jobs and stimulate the regional economy,” Zebrowski said.
Additionally, the legislation includes a $50 million grant program for small businesses and counties impacted by Tropical Storm Irene and $9 million for county flood mitigation or flood control projects.
“Rockland County is still recovering from the damage created by Tropical Storm Irene this past August,” Zebrowski said. “These new flood relief initiatives will help our businesses and homeowners rebuild from the damage caused by the hurricane and prepare for the future through important flood mitigation projects,” concluded Zebrowski.