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     Dear Friends,

     Thank you for your Support

                    Kemp  Hannon
 
 

 
 

Because every penny counts,
 
especially when it’s yours
.



Tax  Cut  Highlights

 

State Sales Tax on Clothing & Shoes under $110 Eliminated

The State tax on clothing and shoes under $110 is now eliminated. There is no limit on the number of items purchased. This will save the average couple $75 a year, and the average family $150 a year.

Gas Tax Capped

This cap will save New Yorkers $450 million a year at the pump, an average of $25 for every 12,000 miles driven when operating a car that gets 20 mpg.

State Marriage Penalty Tax Eliminated

The NYS Marriage Penalty tax is now eliminated, saving married New Yorkers $41 million a year.

Property Tax Rebate Check

Rebate checks averaging $242 and $410 for those with Enhanced STAR will be mailed out at the end of October.

STAR

The Basic STAR program saves the average homeowner $1,000 a year off their school taxes.

Enhanced STAR Funding

The average Enhanced STAR savings is $1,760; in 2006, there will be an Enhanced STAR COLA increase of 13.6% ($239).

New Child Tax Credit

The new child tax credit will save parents of school-age children an average of $330 a year.

Tax Deductible College Tuition

The college tuition tax deduction is continuing (up to $10,000 per student), regardless of income. This will save the average eligible family $400 a year.

EPIC

EPIC can be used as a wrap-around for those with Medicare D (in addition to assisting those eligible without Medicare D). EPIC saves the average senior $2,700 a year.

Energy Efficient Tax Credit

There is an income tax credit of up to $500 for the installation of new energy-efficient ENERGY STAR home heating systems (must be purchased between July 1, 2006 and June 30, 2007).

Solar Energy Tax Credit
Combined with a recent Federal Tax Credit and cash rebates from the Long Island Power Authority, these incentives will lower the cost of a solar electric system substantially. The previous state tax credit was $3750. The Federal income tax credit is available until the end of 2007. The IRS credit is 30% of the net system cost, with a two-thousand dollar limit for residential installations and no limit for businesses. These tax credits come in addition to a LIPA rebate of up to $37,500.

A typical residential five kilowatt system that would normally cost about $37,000 will have a net cost after the available rebates and tax credits of only about $13,000 -- or about 1/3 the normal cost.

Empire Zone in Nassau County

Senator Hannon helped bring the first Empire Zone to Nassau County, which provides tax breaks to businesses in the area to help our local economy.


 
 
 

 
Sixth Senate District, New York State Senate. Representing the Long Island communities of Bethpage, East Meadow, Farmingdale, Franklin Square, Garden City, Hempstead, Lakeview, Levittown, Massapequa, North Bellmore, Old Bethpage, Salisbury, Seaford, Plainedge, Plainview, Uniondale, Wantagh, West Hempstead.

 
 

 
A Senator who is getting the job done.


 
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