The New York State Senate Chamber
ALBANY, NY - At a news conference at the state capitol this morning, NYS Senate Republicans unveiled a plan to restore a rebate check for New Yorkers, which was eliminated in 2009 amid a budget crisis.
The Senate Republicans, who also have a tenuous majority in their chamber, also called for more than doubling the tax deduction for the dependent children of taxpayers dependent, which has stood at $1,000 for the past 25 years, and updating the amount a taxpayer can deduct for child care expenses, are also items contained in the bill.
Republicans suggest the time is ripe for re-instating or expanding tax refunds and credits after a report produced on Friday, which suggests the state stands to take $200 million more in revenue than Gov.Cuomo had initially forecast in his budget proposal.
Senate Republicans will include the plan they outlined today in their upcoming budget proposal, which they expect to be formally introduced , along with Independent Democratic Conference (which numbers five members) later this week.
Click here to read more about the GOP tax relief proposal from Gannett Albany Bureau Chief Joseph Spector.
"If you don't try to push your priorities, then it will never happen," said NYS Senator Michael Ranzenhofer (R-61st District) who has pushed for the restoration of the rebates ever since they disappeared four years ago.
However, he stopped short of predicting the rebates would make a return, especially because Democrat leaders may have other designs on any additional revenue, such as restoring aid to schools or to Medicaid.
"I think it's more important to get money back into the pockets of middle class taxpayers, rather than into programs which may be set forth as a priority by others in the budget," Ranzenhofer said.
"It is real money...you get a real check in the mail and its basically a rebate on your taxes," said Peter Grimm, a financial planner with The Financial Guys and Next Financial Group. "But the bigger point should be that he taxes in New York State are too high to begin with," Grimm said, adding that Albany needs to make real reforms aimed at reducing property taxes, in order to stop people from leaving the state.