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albany2_120Senator Mike Nozzolio announced Tuesday the introduction of the Family Tax  Relief Act, a targeted package of tax cuts and reform measures designed to provide a major economic boost to New York’s taxpayers.

This unprecedented tax relief plan restores the STAR property tax rebate program and will provide real and direct relief to millions of New Yorkers who pay some of the highest property taxes in the country.  The plan also increases the Child Tax Credit,  Dependent Exemption and the Dependent Care Credit.

For a family with an annual income of $55,000 and two children, the total increase in tax savings would be $1,036.  A single parent with one child and an income of $45,000 per year would see an increased tax savings of $811 under the Senate plan.

The Senate Republican Family Tax Relief Act includes the following:

Increased Dependent Exemption

  • Increases the Dependent Exemption from $1,000 to $2,020 per dependent;
  • Allows a subtraction from gross income for each dependent the taxpayer claims;
  • Dependent Exemption last increased in 1987.
Increased Dependent Care Credit
  • The Dependent Care Credit, which is a percentage of the federal credit, allows taxpayers a tax credit for the expenses incurred for the care of a child;
  • Dependent Care Credit last increased in 1999;
  • This plan will increase the percentage range of the federal child care credit that parents can receive, from 20 percent to 110 percent (depending on income), to 27 percent to 150 percent of the federal child care credit.
Increased Child Tax Credit
  • Increases the maximum Child Tax Credit from $330 to $375 to adjust for inflation;
  • Child Tax Credit last amended in 2006;
  • This plan increases the Child Tax Credit from 33 percent of the federal child tax credit to 37.5 percent;
  • In New York State,  married-joint filers with income less than $130,000 (federal), who have a child that is between the ages of 4 and 16, can receive the credit;
  • Provides an additional $500 Child Tax Credit per family.
Restores STAR Property Tax Rebate Checks

  • Restores the STAR Rebate Program to provide an estimated additional $1.3 billion in tax relief; This will provide real and direct relief to millions of people across the state, including seniors and middle class families.
STAR rebates provide real and direct relief to millions of people across the state.  This plan would restore the program, providing a major boost to seniors and middle class families who are getting squeezed by high property taxes.

Restoring the STAR Rebate Program would provide an additional total of approximately $1.3 billion in tax relief.  The average statewide rebate check would be $445.  The average enhanced STAR rebate check for seniors would be $460.

“As State Senator, my number one priority is working to reduce the burden on New York’s hardworking taxpayers.  This plan will provide meaningful relief to millions of New Yorkers and will put money back where it rightfully belongs, into the pockets of taxpayers.  It is my belief that we must do everything possible to cut taxes and control spending to create a better future for our young people, friends and community,” concluded Nozzolio.

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