Assemblyman Phil Palmesano (R,C,I-Corning) joined Assemblyman Colin Schmitt (R,C,I,Ref-New Windsor) and their legislative colleagues to unveil a sweeping, eight-part package to cut taxes and make New York state more affordable for families, seniors, small business owners, farmers and manufacturers alike.
“We need to get bold. We need bold and aggressive tax reform to spark private sector job creation and get our economy moving in the right direction across the state. This is just the first step,” said Palmesano. “As budget talks continue, expect our Conference to continue to unveil smart proposals that are laser-focused on economic opportunity and job growth.”
Highlights of the package include:
‒ Making The Property Tax Cap Permanent: A permanent extension of the property tax cap coupled with a three year ban on unfunded mandates. Unfunded mandates are costs the governor requires municipalities and school districts to shoulder without reimbursement. The comptroller would be tasked with compiling a report assessing the elimination of all unfunded mandates.
‒ Freezing Property Taxes For Seniors: All New Yorkers 62 and older who earn less than $120,000 would face no property tax increases.
‒ Safeguards Against New Taxes: A 3/5th supermajority would be required to pass any legislation requiring new taxes.
‒ STAR Property Tax Relief Increase: Increase school tax rebate checks by 25 percent.
‒ Billions in Property Tax Relief: Medicaid costs currently shouldered by localities would be shifted to the state, generating billions in municipal savings that would be passed on to local homeowners in the form of massive property tax savings. The legislation would require local leaders to pass on dollar-for-dollar tax savings. When fully phased-in, this measure would save homeowners an estimated $6 billion.