Vote on June 28 in the primaries. This is a chance for Western NY to get some exposure in NY State. Vote for Governor Kathy Hochul’s and her Tax Cuts That May Benefit You. Note you vote for the candidate of your party. The general election is later in the year.

  1. Accelerate $1.2 Billion in Middle Class Tax Cuts for 6 Million New Yorkers. In 2018, New York began phasing in a middle-class tax cut, and the cut is not currently scheduled to be fully implemented until 2025.Governor Hochul will accelerate relief for families and start providing the full benefit of the tax cut two years earlier.
  2. $1 Billion Property Tax Rebate for More than 2 Million New Yorkers.Under the Governor’s plan, eligible homeowners will receive their benefit in the Fall of 2022, to the tune of $1 billion.
  3. $100 Million of Relief for 195,000 Small Businesses. By widening eligibility and increasing a tax return adjustment that reduces a small business’s gross income. In simple terms, a subtraction modification allows a taxpayer to lower its gross income by an amount equal to a certain percentage of its net business income, before calculating the amount of taxes owed. Current law allows for a 5 percent subtraction modification for sole proprietorships and farm businesses with incomes of less than $250,000 — benefitting just 5,000 taxpayers each year. The Governor will raise this modification and include other entities with New York source gross income of up to $1.5 million, covering some 195,000 small businesses in all — putting more money back in the hands of more hard-working New Yorkers.
  4. Farmer Relief. Doubles Farm Workforce Retention Tax Credit.To help farms retain their workers, the State will double the yearly fixed dollar amount per eligible employee and extend the program to 2025.  Also, create a new Overtime Tax Credit-The State will create a permanent refundable tax credit on overtime hours for any size farm in New York State, to offset increasing costs to farmers. Increase the Investment  Tax Credit.New York will increase the existing investment tax credit for all State farms, allowing farmers to purchase new equipment that could further automate their farms in response to the declining agriculture workforce.