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LE ROY PENNYSAVER & NEWS - MARCH 20, 2016
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DANIEL
MICHAEL
1-585-409-3193
1-716-474-0759
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by Senator Ranzenhofer
March 2016
As I travel throughout the 61st
Senate District, New York’s high
taxes is the number one concern
of residents, from Amherst to
Clarence to LeRoy. That’s why
I am pleased to update you about
a new broad-based tax cut plan
to provide billions of dollars in
real relief.
The plan would cut middle-class
tax rates to the lowest level in 70
years, provide new tax savings to
prevent seniors from leaving New
York, and enact significant tax cuts
for small businesses.
The cornerstone of the plan is
a major tax reduction for mid-
dle-class families. If enacted,
5 million families, including
770,000 small businesses filing
under the Personal Income Tax
(PIT), will start to see savings in
2018. When fully implemented,
the tax rate will be reduced by
25 percent, saving taxpayers an
average of $897 per year.
Another part of the plan aims to
help give more financial security
to seniors. Right now, seniors can
only claim the first $20,000 of
pension or retirement incomes as
exempt income. This new initiative
would increase that exempt amount
to $27,000 in 2017, $34,000 in
2018, and $40,000 in 2019.
This new tax relief will help more
seniors save money and choose to
stay in NewYork during retirement.
In the first year alone, it would save
seniors an average of $361.
The third part overhauls the tax
structure for our community’s job
creators and economic engines. In
2013, I successfully pushed for a
PIT exemption for small business-
es and small farms. Now, I am
working to significantly expand
eligibility and tax savings. When
fully enacted, small businesses
and small farms would save $494
million annually.
The proposal includes any busi-
ness that files under PIT regardless
of how the business is structured
and raises the income eligibil-
New Plan to Provide Billions of Dollars
in Tax Relief to Small Businesses, Families and Seniors
ity threshold from $250,000 to
$500,000 when the business entity
income is less than $1.5 million.
It also reduces the Corporate
business income rate for small
businesses from 6.5 percent to 2.5
percent over two years, increas-
es the Corporate tax threshold
from $390,000 to $500,000; and
increases the exemption from 5
percent to 15 percent for small
business income.
The final section of the initiative
addresses energy taxes. In 2013,
I pushed for a phase-out of the
energy tax assessment, saving
ratepayers $455 million over a
five-year period. Under the new
plan, this surcharge would be
eliminated at the end of this year,
instead of 2018, saving taxpayers
$125 million.
This major tax cut proposal will
put more money back into the
wallets of hardworking taxpayers.
It will also make our community
a more affordable place to live
and work, and I will be fighting
for this plan to be included in the
final State Budget.
21st Annual
Free Coffee, Juice & Hot Dogs
Sponsored by: The American Legion • Tom McGinnis • Le Roy Business Council
Knights of Columbus • Le Roy Moose Family Center • Le Roy Federal Credit Union
Oatka Fish and Game Management Society • McDonald's of LeRoy • Upstate Milk
Rotary Club of LeRoy • Vietnam Veterans of America Chapter 193 • Northwoods Sportsmen's Club Assoc.
Orcon Industries • Kiwanis of Le Roy/Pavilion/Stafford • Tompkins Bank of Castile, Anthony Gugino, DDS
LeRoy Village Green • Greens of LeRoy • Shelley Stein • Cameron Brady Funeral Home
Le Roy
Sat., March 26th
1:00 p.m.
Hartwood Park
12 and Under
EGGS FOR ALL
SPECIAL APPEARANCE
FROM THE EASTER BUNNY!