The 2018 State Budget continued the phase-in of middle-class tax cuts passed in the 2017 State Budget that will lower the tax rates on middle-class families to be at the lowest levels in 70 years. In 2018, the average taxpayer will save approx. $250 and when fully phased in will save approx. $700.
- Extended the real property tax cap until 2019-2020 to continue controlling the property tax burden in NY.
- Extended the County-Wide Shared Services Panel for three years to allow local governments to continue working together to provide services more efficiently and reduce property taxes. $225 million is available from the State to help counties match savings achieved in their plans.
- Doubling the Child Tax Care Credit. In the 2017 State Budget Assemblyman Magnarelli voted to double the State Child Tax Care Credit for families earning between $60,000 and $150,000, bringing the total credit from $169 to $376 per household on average.
- The 2018 State Budget also extended the Local Property Tax Relief Credit. This credit will provide an average reduction of $380 in local property taxes to 2.6 million homeowners this year alone. By 2019, the program will provide an additional $1.3 billion in property tax relief and an average credit of $530.
Keeping New York Affordable
- The Assemblyman fought to phase out the 18-a utility surcharge imposed on energy bills.
- Provided 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.
Improving the Business Climate
- Assemblyman Magnarelli voted to eliminate the corporate tax on manufacturers, saving businesses $193 million.
- Provided manufacturers with a 20% tax credit to offset their property taxes.
- Supported State Budgets that included a corporate tax cut that will amount to approximately $500 million when fully phased in.
Tax Relief and Reform