Lower Taxes

Over the last five years, we've cut taxes more than any other state - 36 times for a projected savings of $52 billion. Lower taxes mean more businesses – and more jobs – for Long Island and for New Yorkers. They include:

• COLLEGE TUITION TAX DEDUCTION
  • Now New Yorkers going to college can deduct their college tuition from their income tax, making college tuition tax deductible up to $10,000.
     
• EARNED INCOME TAX CREDIT (EITC)
   
• MARRIAGE PENALTY REDUCTION
  • The marriage penalty will continue to be reduced during the next two years by raising New York’s standard deduction for married couples filing jointly from 2001 level of $13,400 to and to $14,600 for 2003 and after.
     
• LONG-TERM CARE INSURANCE CREDIT
  • The long-term care insurance credit provides a credit equal to 10% of a taxpayer’s long-term care insurance premium and has been increased
    in the 2004-2005 Budget.
     
• STAR
  • In the three years since its inception, STAR has saved the average Nassau County homeowner $2275 and has saved the average income eligible senior citizen $4642.
  • This year, the Legislature added a the Senior STAR COLA to protect senior STAR property tax cut eligibility – 2003 tax rolls, the cap will rise from 60,000 to 62,100.
     
• This year, the Senate passed the HOME ENERGY ASSISTANCE TAX CREDIT (help reduce energy costs, aid low income taxpayers in reducing heating bills, and encourage homeowners and businesses to implement energy saving improvements.), the VOLUNTEER FIREFIGHTER & EMT PROPERTY TAX EXEMPTION (to help recruit volunteers, this would allow counties in NYS to provide a 10% real property tax exemption to volunteer firefighters and ambulance workers) and the VOLUNTEER FIREFIGHTER INCOME TAX DEDUCTION (to help recruit volunteers, this legislation would allow volunteer firefighters a $1,500 personal income tax deduction.)