LeRoy Pennysaver & News

LE ROY PENNYSAVER & NEWS - MARCH 25, 2018 Senator Ranzenhofer’s Monthly Column Senate One-House Budget Makes New York More Affordable Last week, the New York State Senate approved its one- house budget. I voted in favor of the plan because it will help individuals, families, small businesses, manufacturers and seniors stay and thrive in West- ern New York. The Senate budget is a fis- cally responsible plan. It con- trols state spending. It excludes the $1 billion in new taxes and fees, including new taxes on internet purchases, health insur- ance and new DMV fees, pro- posed in the Executive Budget. It also rejects the Governor’s proposed cap on property tax relief for homeowners. Alternatively, the fiscal plan addresses New York’s bur- densome level of taxes and high cost of living. It makes the state more affordable by providing real savings for all residents. The budget plan helps more seniors save money and choose to stay in the state after retirement. It decreases taxes on retirement by increasing the exclusion– for private pension and retirement income– from $20,000 to $40,000 for single taxpayers and to $80,000 for married taxpayers phased in over three years. Increasing this exclusion, for the first time in over 30 years, will provide $275 million in savings to retirees. The budget proposal lowers energy taxes by eliminating the two-percent Gross Receipts Tax on utility bills, providing $280 million in savings for residents and small businesses. The Senate budget also ad- vances reforms to stop unneces- sary red tape and regulations, as well as provides a total of $860 million in new relief for small businesses, farms and manufac- turers by: • Reducing the amount of taxes paid by lowering the rate; • Extending the zero per- cent Corporate Franchise Tax parity to all manufac- turers; and • Allowing small business- es to be eligible for STAR property tax savings. Together, eliminating reg- ulations and easing the tax bur- den will help small businesses and manufacturers succeed, grow and create jobs. In doing so, this will make it easier for hard-working residents to find the good opportunities they need to stay and raise a family in Western New York. Other proposals in the Senate budget include shut- ting down the START-UP NY program and eliminating tens of millions of dollars in waste- ful spending by the Executive for television advertising. The Governor’s START-UP pro- gram– that I voted against when the bill passed the Senate– has failed to produce the job-creat- ing results that were promised. Simply put, these supposed eco- nomic development programs are not producing the results that taxpayers expect. Under the Senate’s plan, NewYork will be less costly and more attractive for residents. If many of these major initiatives get adopted in the final budget, it will be easier to live, raise a family, own a home and retire in New York. I will be advocating for these important issues in the fi- nal budget. As the budget pro- cess moves forward, I’ll be sure to keep you posted. Save the Date 30 TH A NNUAL O ATKA F ESTIVAL J ULY 14 TH & 15 TH 2018 P ARADE · F OOD · C RAFTS · 50/50 E NTERTAINMENT · D UCK D ERBY P ETTING Z OO & C HILDREN ’ S A CTIVITIES M ORE D ETAILS TO C OME ! QUESTIONS? PLEASE VISIT WWW.OATKAFESTIVAL.ORG FOR CONTACT INFORMATION