The state’s $135 billion budget, which the Assembly is voting on today, includes $375 million (per year) in rebate checks for families with at least one child under 18. A total of 1.07 million families with annual incomes between $40,000 and $300,000 are eligible for the tax credit of $350 a year for three years. They do not have to own any property.
Gov. Andrew Cuomo reached a budget agreement with lawmakers last week. The Senate adopted the budget bills earlier this week. The new fiscal year starts Monday.
The tax credit, which will be delivered as a check, will begin in 2014. Families will receive checks in late 2014, when the governor’s office and all the seats in the Legislature will be up for election.
The number of families that will benefit total 7,926 in Putnam County (for a savings of $2.8 million), 20,210 in Rockland (for a savings of $7.1 million) and 65,156 in Westchester (for a savings of $22.8 million), according to Cuomo’s Division of the Budget.
Do you think the targeted tax cut is a good idea? The elderly, people who don’t have children, New Yorkers with children older than 18 and lower-income families won’t see any tax refunds. Some of them may pay many thousands of dollars a year in property taxes. Or do you think there shouldn’t be any refunds and the money should go to state programs? Organizations that contract with the state to serve people with developmental disabilities received a $90 million cut in the 2013-14 budget, for example.
Take our poll and let us know what you think.