Senator Catherine Young (R-Olean)
ALBANY – The recently approved New York State Budget contains some of the most effective tax relief progress we have seen in quite a while. That’s according to Senator Cathy Young (R-Olean) who says that tax cuts to help overburdened property taxpayers, save jobs and grow the economy are some of the many highlights of the state budget.
In a recent media release, Young said the new budget assists seniors and hardworking, middle class families who face suffocating property tax bills. She also said that it also makes New York a more competitive business environment for manufacturers, small businesses and farmers.
The Olean republican said that making New York a more affordable place to live and work is essential to reversing the economic damage that was done to the state in 2009-10, when lawmakers hiked 126 taxes by over $14 billion.
A new property tax relief program that is in addition to the popular STAR program will provide taxpayers with $1.5 billion in direct property tax relief over the next three years, so long as their school districts and/or municipalities develop plans to reduce costs and increase efficiencies.
Young also said that eliminating the corporate tax on manufacturers, creating a real property tax credit of 20 percent for manufacturers and accelerating the elimination of an energy tax surcharge will make New York a more desirable place to do business.
Young said that local farmers also will benefit from estate tax reform through the estate tax exemption, which will be increased over the next five years from $1 million to match the federal exemption of $5 million. She says that increase will help encourage farm preservation and help keep family run farms in operation for future generations.
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