Just in time for next year’s elections, families with children will receive a $350 rebate check.
According to the state budget bills, families who have children under 18 will receive the rebate check by Oct. 15, 2014.
The $350 rebate checks will be in place for three years, along with higher income taxes on millionaires. The rebate checks will cost the state about $350 million a year, part of $800 million a year in tax breaks to families and businesses.
The rebate checks have been knocked as an election year gimmick. Gov. Andrew Cuomo and the state Legislature will be seeking election in November 2014.
“The rebates will hit during an election year and then Albany is free to take them away in two years,” said Assemblyman Kieran Michael Lalor, R-Fishkill, Dutchess County. “Permanent cuts to tax rates would have better served New Yorkers and the state.”
Cuomo defended the rebate checks, saying they will help families.
“I want the people of this state to know that we understand the pressure they’re under, and this state is going to do everything it can to keep costs low,” Cuomo said of the tax rebates on “The Capitol Pressroom,” a public radio show today.
Cuomo said the higher income taxes on the wealthy is needed to balance the budget in the coming years. The higher taxes on the rich will bring in about $2 billion a year for the state, and the state’s budget gaps in the coming years will be about $4 billion, Cuomo said.
“We need the millionaires tax as we sit here today for the out years for financial stability,” Cuomo said.