Assemblyman Perry Helps Pass 2014-15 State Budget with Vital Tax Relief for Hardworking Families

Cuts taxes for homeowners and renters, lowers utility bills

Assemblyman Perry (D-Kings County – 58th AD) announced that he helped pass a 2014-15 state budget that will provide significant tax relief for middle-class families (A.8559-D).

“This year’s state budget ensures that hardworking families continue paying the lowest tax rate in over 60 years and provides for a $350 child tax rebate, while also giving them substantial property tax relief,” said Assemblyman Perry.

Reducing the property tax burden

This year’s budget provides significant property tax relief for homeowners across the state by offering a two-year property tax credit in the form of a direct check, provided that a local government and school district stay within the 2 percent property tax cap. To benefit for a second year, schools and localities would have to propose a detailed cost-cutting plan. This measure will not only help families save money but will also incentivize efficiency, saving taxpayers over $1.5 billion over the next 3 years.

“In a time where many are already struggling to get by, property taxes shouldn’t be pricing families out of their own homes,” said Assemblyman Perry. “This essential relief will help lower the property tax burden on Brooklyn families and help make our community more affordable.”

The budget also offers tax relief for New York City residents by providing $85 million in tax credits for homeowners, condominium and co-op owners and renters by implementing a “circuit breaker” plan. The “circuit breaker” will run for 2 years and will factor in household income for the property tax break.

Keeping New York affordable

In last year’s budget, the Assembly fought to phase out the 18-a utility surcharge imposed on energy bills. This year’s budget accelerates the phase-out, lowering the surcharge rates by $200 million annually for both residential and commercial customers and $600 million over the next three years.

“With utility prices climbing, it’s more important than ever to reduce costs for consumers,” said Assemblyman Perry. “The 18-a utility surcharge is an unnecessary burden on ratepayers. Driving more relief to homeowners is crucial, because speeding up the phase-out will ease the strain on already tight family budgets.”

Estate tax reform

The enacted budget also provides much-needed reform to the state’s estate tax by raising the income threshold from $1 million to $5.2 million over the next four years. This increase will save taxpayers $355 million when fully phased in.

“Reforming the estate tax will save taxpayer dollars, protect our family farms and small businesses and ensure families don’t have to worry about the taxes on a recently deceased loved one’s estate,” noted Assemblyman Perry.