Tax Relief on the Way for Over 6 Million Middle Class New Yorkers
COVID has not only been hard on our health but it's also been devastating on our wallets. Help is on the way with some tax relief for middle-class New Yorkers.
Governor Kathy Hochul announced tax relief for millions of New Yorkers as of the 2022 State of the State.
Millions of New Yorkers, particularly small business owners, middle-class families, and our senior communities, have been hit hard by the economic devastation of the last two years, and they need our help.
Middle-Class Tax Relief
The $1.2 billion Middle-Class Tax Cut for 6 million New Yorkers will be accelerated to put money back into pockets. In 2018, New York began phasing in a middle-class tax cut. It's not scheduled to be fully implemented until 2025. Rather than waiting for small, incremental benefits to take effect, Governor Hochul will start providing the full benefit two years earlier, phasing in the tax cuts beginning in the 2023 tax year, the earliest time possible.
We will accelerate a $1.2 billion-dollar tax cut originally scheduled to take effect between now and 2025, so that it all occurs this year
Property Tax Rebate
A $1 billion property tax rebate program is also being established to put money back into the pockets of more than 2 million New Yorkers.
With New Yorkers facing the costs of inflation in the supermarket and at the pump, all while still enduring the economic impacts of COVID-19, Governor Hochul will provide much-needed relief through a property tax rebate program.
Over 2 million New Yorkers will be eligible for the property tax rebate, with low-income households and seniors receiving higher benefits. Eligible homeowners will receive their benefit in the Fall of 2022.
As we continue to grapple with the impacts of COVID-19, we must ensure we are investing in our state’s most valuable resource: its people.