Families with children under age 17 would get a $350 rebate check in the mail this fall. In subsequent years, it would come through a tax credit on your income taxes, WGRZ reported today.
Cuomo’s budget plan would end the checks after 2014 and include them in the taxes for future years.
“Timing is everything,” said Republican Assemblyman Stephen Hawley, who has criticized the tax credit since the beginning. “When the state is trying to make an economic turnaround, it seems a little odd that this is happening.”
According to Hawley and other opponents, the tax credit was implemented solely to improve voter confidence and get them to the polls.
Updated: Assemblywoman Donna Lupardo, D-Binghamton, and Sen. George Latimer, D-Rye, said they back Cuomo’s plan.
“If we’re going to provide this relief to New York’s hard working families, it should be done in the most efficient way possible,” Lupardo said in a statement.
Latimer said: “To continue those efforts and make government run as efficiently as possible, we had proposed a cost effective way to administer the distribution of tax rebates while still achieving the same result: lowering taxes for middle class families.”
Families who meet two qualifications will receive the $350 rebate: they must have children younger than 17 in the household, and they must fall within a yearly income range of $40,000 to $300,000. Gov. Cuomo’s office touts the tax credit as a way to ease the burden on middle-class families. It will cost more than $1 billion to implement and will apply to these families in 2014, 2015 and 2016 ….
Tens of thousands of Western New York families qualify for the credit, including 66,180 in Erie County and 15,228 in Niagara County. Overall, the Governor’s office estimates the more than one million families eligible for the credit will save a combined $375 million …