“This year, we stood up for middle-class families, delivering real tax relief and savings that will significantly ease the financial pressures hitting New Yorkers’ wallets,” said Senator Michelle Hinchey. “I was proud to be a leading advocate to give people reprieve at the pump through a gas tax holiday, which will translate to immediate savings and keep nearly $600 million in the pockets of New Yorkers. We accelerated a reduction in middle-class income taxes starting this year and created a new property tax rebate for middle-class homeowners — all ways that we are making life more affordable for everyday New Yorkers.”
With Senator Hinchey’s advocacy, the final budget includes:
- Suspending the Gas Tax: The final exacted budget suspends the state sales tax on gas from June 1 to December 31 of this year, providing a 16 cent per gallon gas tax holiday and also allows counties to cap their sales tax at $2, $3, or $4 per gallon.
- $2.2 billion in New Property Tax Rebates: The final budget creates new, expanded STAR property tax rebates for middle-class homeowners — an advance on Tax Year 2022 that will be directly sent to eligible homeowners beginning in Fall 2022.
- Accelerating Middle-Class Income Tax Cuts: The final budget accelerates a reduction in middle-class income taxes beginning in the Tax Year 2023.
- $287 million in Child Tax Credits for families making less than $100,000.