Stec, Senate Republicans introduce largest tax cut bill in history

ALBANY | Sen. Dan Stec (R,C-Queensbury) joined his state Senate Republican colleagues in introducing a package of bills that would provide immediate, substantive tax relief to all New Yorkers. Chief among these bills is Senate bill S.9110, which would institute the largest tax cut in state history. "For all the talk from the governor about affordability, there's been no action. My Senate Republican colleagues and I are proposing real relief for all New Yorkers in the form of the largest middle-class tax cut in state history, as well as relief for homeowners and small business owners. Let's stop paying lip service to providing financial relief and deliver it," Stec said Feb. 4. The legislation Senator Stec helped introduce and co-sponsor are as follows: -S.9110 – Eliminates the state personal income tax on the first $50,000 of income for single filers and the first $100,000 for joint filers. New Yorkers that file jointly would see an estimated savings of up to $6,000 once fully phased in; -S.1296 – Establishes an annual spending growth cap on the state budget that limits the growth of state operating funds spending; -S.1487 – Reduces the amount small businesses and farms must pay in taxes by increasing the corporate tax threshold from $390,000 to $500,000 and lowering the rate to 2.5 percent. It also expands the small business exemption to all PIT businesses regardless of whether they have employees, increases the threshold to $500,000, increases the exemption to 15%, and increases the exemption to 20 percent for farmers; -S.3914 – Ends the state income tax on overtime; -S.5519 – Eases the property tax burden on homeowners by providing for a 10-year state takeover of the local share of Medicaid for local governments subject to the two percent property tax cap; and -S.587 – Ends the state income tax on tips.

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Stec, Senate Republicans introduce largest tax cut bill in history

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