ALBANY, NY — Assemblyman Colin J. Schmitt (R,C,I,LBT,SAM - New Windsor) is proud to announce the passage of historic tax cuts and relief for middle-class families and small businesses across the Hudson Valley. Schmitt delivered on his promise to secure historic tax relief for New Yorkers and reaffirm that tax-paying families and businesses must come first in our state. Included in the tax relief budget bill:
Gas Tax Suspension
|The gas tax suspension, promoted by Assemblyman Schmitt, will save drivers 16 cents per gallon starting June 1st.
Homeowner Tax Rebate Check Program
The Homeowner Tax Rebate Check Program will benefit homeowners in the Hudson Valley through $2.2 billion in tax cuts in FY 2023.
Middle-Class Tax Cuts
Middle-Class Tax Cuts will provide a $162 million tax cut for families and individuals across New York in FY 2023.
Small Business Tax Relief
Small Business Tax Relief will enact a $100 million annual tax cut on small businesses beginning in FY 2023.
Tax Credit for Small Business COVID-19-Related Expenses
The Tax Credits for Small Business COVID-19-Related Expenses will provide $250 million in tax credits in FY 2024.
Tax Credits for Farmers
Tax credits for farmers through Investment Tax Credits will lower taxes on farmers by $16 million in FY 2024.
Tax Exemption for Student Loan Forgiveness Awards
There will be $1 million in tax cuts in FY 2024 for student loan borrowers by providing an exemption for those receiving forgiveness awards.
Hire-A-Vet Credit Extension and Expansion
The Hire-A-Vet Credit program will be extended and expanded, providing more than $1 million in tax credits in FY 2025 and FY 2026.
Transportation to Individuals with Disabilities Tax Credit
For companies providing service to individuals with disabilities, the Transportation to Individuals with Disabilities Tax Credit will be extended for an additional six years, equaling $1 million in tax credits in FY 2025 and FY 2026.
New York Youth Jobs Program Tax Credit
The New York Youth Jobs Program Tax Credit will be extended for an additional five years, with $40 million in tax credits in FY 2025 and FY 2026.
Empire State Apprenticeship Tax Credit
The Empire State Apprenticeship Tax Credit provides $10 million in tax credits in FY 2025 and FY 2026.
Workers with Disabilities Tax Credit Extension
Workers with disabilities will receive tax credits in total of $1 million in FY 2025 and FY 2026.
Sales Tax Exemption on Food and Drink Purchased from Vending Machines
The sales tax exemption on food and drinks purchased from a vending machine will be extended with $2 million in tax exemptions annually starting in FY 2023.
Restaurant Return-to-Work Credit
Restaurants that implemented a Return-to-Work program will receive credits equaling $5,000 per FTE position created, up to $50,000 in total.
Empire State Child Tax Credit and the State Earned Income Tax Credit
The Empire State Child Tax Credit and the State Earned Income Tax Credit will be enhanced with $550 million in tax credits in FY 2023.
"I ran for State Assembly promising real results for the Hudson Valley and today in bipartisan fashion, I am proud to deliver the largest tax relief legislation in modern New York history,” Assemblyman Colin J. Schmitt stated. “From my successful marquee push to suspend the state gas tax to middle-class tax cuts, relief for our small businesses and farms, Hudson Valley residents and New York taxpayers will see over $4.6 billion in tax relief. Real-life benefits for our families, our businesses, our farms, and our communities.”
In the coming weeks, Assemblyman Schmitt will work with community stakeholders to roll out specifics on each of these critical tax relief measures.