NYS taxes

Comparison of the Executive, Assembly, and Senate Property Tax Relief Proposals FY 2015-2016

March 23, 2015. The governor’s Executive Budget proposal includes a significant new property “circuit breaker” that would provide relief to households (both owners and renters) whose property taxes are unreasonably high relative to their income. Circuit breakers address a serious shortcoming of the property tax—that payments are not linked to the taxpayer’s ability to pay. The State Assembly’s proposed budget also included the circuit breaker with an important modification—removing the link to the property tax cap. The Senate, in contrast,… (read more)

Briefing on Mayor deBlasio’s Preliminary FY 2016 NYC Budget: Addressing Needs and Budgeting Cautiously as the Recovery Progresses

March 10, 2015. FPI’s FY 2016 New York City budget briefing includes:

  • An overview of the Mayor’s Preliminary FY 2016 Budget proposal, with a particular focus on new human services spending initiatives in the context of changes in human services spending in recent years.
  • The social and economic context in New York City at the beginning of 2015: the unevenness of the recovery and wage, income and employment trends. The presentation will review the extent and persistence

(read more)

Policy Brief: Property Tax Relief (Circuit Breaker)

March 5, 2015. The property tax relief plan (circuit breaker) proposed by the governor would help low- and middle-income New Yorkers that are struggling to pay their taxes and should be adopted with a few changes that would make it even more effective.

The governor’s Executive Budget proposal includes a significant new property tax “circuit breaker” that would provide relief to households whose property taxes are unreasonably high relative to their income. Currently, 33 states and the District of Columbia… (read more)

Policy Brief: Education Tax Credit

March 2, 2015. The Executive Budget includes an Education Tax Credit (ETC) that would provide individuals and businesses with a substantial credit against income taxes owed for donations to private and public schools, or scholarship organizations. The governor’s legislation proposes a 75 percent credit rate, with individual credit amounts capped at $1 million. Any unused credit could be carried over to a subsequent year. Both businesses and individuals would be eligible to receive the credit on personal or corporate income… (read more)

A missed opportunity: Gov. Andrew Cuomo’s proposed budget needs to firmly invest in the Empire State

February 15, 2015. Gov. Andrew Cuomo’s budget proposal takes some positive steps forward in clearly acknowledging, for the first time in his tenure, the incredible child poverty and income inequality that exist in our generally affluent state. He also wisely recognizes the need to give greater property tax relief to those who need it most rather than spreading it too thinly.

However, for every step forward the governor takes in addressing some critical issues, he takes two steps back by… (read more)

New York State Economic and Fiscal Outlook 2015-2016

February 10, 2015. In its 25th annual New York State briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s 2015-2016 Executive Budget.

Governor Andrew Cuomo’s Executive Budget proposal takes some positive steps forward in clearly acknowledging, for the first time in his tenure, the incredible child poverty and income inequality that exist in our generally affluent state and recognizing the need to give greater property tax relief to those who need it most rather… (read more)

Testimony at the Joint Legislative Public Hearing on the 2015-2016 Executive Budget – Taxes

February 9, 2015. Executive Director Ron Deutsch testified before the Senate Finance and Assembly Ways and Means Committees on the Governor’s 2015-2016 Proposed Budget and Financial Plan.

Governor Andrew Cuomo’s Executive Budget proposal takes some positive steps forward in clearly acknowledging, for the first time in his tenure, the incredible child poverty and income inequality that exist in our generally affluent state and recognizing the need to give greater property tax relief to those who need it most rather… (read more)

Preliminary Analysis: Budget Takes One Step Forward and Two Steps Back

January 21, 2015.

Ron Deutsch, Executive Director

“The Governor’s proposal takes some positive steps forward to deliver targeted property tax relief and address poverty in the state. However, for every step forward we take two steps back if we don’t dramatically increase aid to our fiscally stressed schools and local governments and commit substantial resources to ending child poverty in our state.”

James Parrott, Deputy Director and Chief Economist

“To really help the poor and the middle class, we

(read more)

New Analysis Confirms Low- and Middle-Income New York Taxpayers Pay Higher Tax Rate than the Richest New Yorkers

January 16, 2015. A new study just released by the Institute on Taxation and Economic Policy (ITEP) and the Fiscal Policy Institute (FPI) finds that the wealthiest New Yorkers are paying a smaller share of their income in state and local taxes than lower-income families that are struggling everyday to make ends meet. New York households with incomes under $100,000 pay higher effective state and local tax rates, ranging from 10.4% to 12%, than the richest 1% of… (read more)

FPI Commends Governor Cuomo for Advancing Middle Class Circuit Breaker—Targeted Tax Relief Tied to Income Is the Most Effective Mechanism

January 14, 2015. Governor Cuomo just announced a $1.66 billion property tax credit program (commonly referred to as a “Circuit Breaker”) to help ease the burden on working class families who are paying too much of their income in property taxes.

The Fiscal Policy Institute (FPI), working with our partners in the Omnibus Property Tax Consortium, has been calling for a targeted circuit breaker for years.  “We are pleased that the Governor announced a circuit breaker proposal that targets

(read more)