Assemblyman Karl Brabenec and Senator Anthony Palumbo have introduced the “Affordable NY Act” to the New York state legislature. The bill aims to provide tax relief specifically targeting middle-class and property taxpayers in the state. One of the significant elements of the proposal is to double the School Tax Relief (STAR) exemption. Additionally, the act seeks to implement a permanent reduction in income tax rates for middle- and lower-income earners.
Assemblyman Brabenec expressed, “For too long, New Yorkers have been overburdened by high taxes. This legislation will help put money back into the hands of hardworking residents by reducing property taxes and income tax rates, making New York more affordable for families and businesses.”
Brabenec also noted the bill’s potential impact on population trends. “This is a much-needed step to help reverse the trend of New Yorkers leaving the state due to high taxes,” he stated. “The ‘Affordable NY Act’ will make New York a more affordable place to live and work.”
