“Brighter Future" Budget Plan A Boost For All New Yorkers

Senator Young, colleagues’ present plan that eases tax burden, supports students, and invests in programs to create good-paying jobs

ALBANY – Senator Catharine Young (R,C,I- Olean) will join members of the Senate Republican Majority this week to advance the “Brighter Future” budget plan, a plan that continues New York on the path to a fifth consecutive on-time budget. Highlights of the “Brighter Future” plan include the most property tax relief for homeowners in state history, historic support for students, and a significant investment in the state’s infrastructure.

The Senate’s one-house budget resolution, known as “Brighter Future,” also advances a constitutional amendment capping state spending from increasing more than two percent each year and makes the statewide property tax cap permanent, protecting residents from a return to out-of-control spending and tax increases.

“The Senate Republican’s focus has been jobs, jobs, jobs. By enacting a fiscally responsible spending plan that eases the tax burden, rebuilds our infrastructure, spurs job creation and supports our children’s future, we are continuing to ensure a brighter future for New York State,” said Senator Young.

“My focus remains on enacting policies that grow jobs and boost New York’s economy. Our plan is a roadmap to success for our region and the state.”

Having erased a $10 billion deficit inherited from the all-New York City controlled government, the Senate Republicans’ “Brighter Future” plan continues New York on a path to strong fiscal footing.

The Senate’s plan begins by establishing a new property tax rebate program. This initiative, in conjunction with the existing property tax freeze credit, would provide the average homeowner with a rebate check of $458. When coupled with the STAR property tax exemption, the new program would provide approximately 3.3 million New Yorkers with the most property tax relief ever received in the state’s history.

“New York’s high taxes and fees have forced people to flee for areas with a lower cost of living. This new tax rebate program will bring immediate relief to area homeowners, encourages young people to pursue the dream of homeownership, and allows seniors to stay in their homes longer,” Senator Young said.

The “Brighter Future” plan also maintains Senator Young’s position, and the Senate Republican Conference’s goal, to fully restore the $1 billion in remaining Gap Elimination Adjustment (GEA) funding owed to schools. This would bring area school districts to full funding and provide relief for homeowners who have been forced to bear the added burden since it was imposed by New York City-controlled politicians in 2010.

The budget plan also assists area students pursuing higher education. In their plan, Senate Republicans have provided an additional $100 per pupil in community college base aid and increased the current Tuition Assistance Program (TAP) ceiling, making more families eligible to receive support. Also under the proposal, qualifying recent graduates would be eligible to deduct 100 percent of their student loan interest and, for the first time in 15 years, the tuition tax credit would be increased.

“Education is the key to success for our young people. The GEA has taken millions of dollars away from our schools and Senate Republicans have been at the forefront of restoring this support. A sound investment in all levels of education, including primary and higher education, is the best way we can combat rural poverty and give our children the opportunities they need to succeed,” said Senator Young.

The Senate’s plan also advances a $200 million package to support small-business development, including an increase in the business income tax exemption for businesses and farms that file under the personal income tax, have at least one employee and make no more than $500,000 in business income annually. The proposal would save the over 500,000 businesses affected more than $125 million each year. Eliminated in the Senate’s budget proposal is the costly 18-a energy tax surcharge, a $285 million savings over the next two years for homeowners and businesses across the state.

Finally, the “Brighter Future” plan provides key support for rural upstate communities. This includes strong support for rural broadband, the Consolidated Local Streets and Highway Improvement Program (CHIPS), creation of the “Grown in New York” initiative, and $50 million for the Main Street Revitalization program.

“By acting on this plan, we will take a major step toward another on-time state budget that holds the line on spending while still providing the critical support our communities need. The programs that my colleagues and I have made a priority are programs residents rely upon every day. By investing in our infrastructure, reducing the tax burden, and supporting local schools New York will be a better place to live, work and raise a family,” said Senator Young.