Although Tax Reform coming from Washington D.C. has some worried, here are some important tax breaks and changes coming January 1st, 2018:
Starting January 1st, 2018, Paid Family Leave will provide paid time off for employees to care for or assist loved ones. The Independent Democratic Conference led the way for New Yorkers to take up to 12 weeks off from work when phased in fully (January of 2021), the best program in the entire country!
Each worker will receive eight weeks of leave initially while bringing home 50% of the statewide weekly wage average.
MIDDLE CLASS TAX BREAKS
Sweeping middle-income tax cuts will bring a total $4.2 billion in relief to New York’s middle-class thanks to state level tax cuts. That means an average New Yorker will have an extra $700 a year in their wallet.
This is the lowest rate middle-class New Yorkers will see in over 70 years, and this historic relief begins on January 1. Over six million residents qualify for this reduction. If you’re single and earn between $21,000 and $80,650, your state personal income tax rate will go down by 20%; and if you earn between $80,650 and $215,400 your personal income tax rate lowers by 12.5%. Married couples who file jointly can expect major savings too: if they earn between $43,000 and $161,550, their personal income taxes go down by 20%; and if they earn between $161,550 and $323,200 the rate drops by 12.5%.
Starting January 1st, Union Dues will be eligible for deduction from New York State Taxes. This will save over 500,000 union women and men approximately $35 million.
Are you a disabled or senior homeowner or renter? Join me for information sessions to see how you may be eligible for property tax exemptions or freezing your rent. Call my office for more information!