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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