Sentences with phrase «circuit breaker tax»

How would their circuit breaker tax break be calculated, she wondered.

Cuomo has proposed an income - based circuit breaker tax relief plan that is tied to the property tax cap and would provide relief to only some New Yorkers.

John Whitley, with the New York State Property Tax Reform Coalition, admits the circuit breaker tax relief may be a victim of a session preoccupied with arrests and leadership changes.

Like an electrical switch designed to automatically prevent a power overload, a circuit breaker tax credit is supposed to kick in when homeowners» property tax burdens overload their ability to pay.

Not exact matches

Circuit - breakers: Mechanisms that provide relief for an individual's property tax obligation on the basis of the person's age, income level, or disability.

Cuomo's proposed property tax relief plan — or circuit breaker — is, as expected, drawing praise from some and criticism from others.

Cuomo's circuit - breaker and the existing, twice - as - large STAR program share the same basic shortcoming: they treat a symptom (extremely high property taxes) rather than a disease (very high local spending).

The governor also is justifying the circuit - breaker credit on the grounds that, because it is linked to the tax cap, it will create an added incentive for localities to remain under the cap.

He didn't use the phrase himself, but the property tax credit unveiled yesterday by Governor Andrew Cuomo is of the type commonly known as a «circuit breaker.»

The governor's Executive Budget proposal includes a significant new property tax «circuit breaker» that would provide relief to households whose property taxes are unreasonably high relative to their income.

«It appears our legislative leaders couldn't agree to provide tax relief to struggling homeowners and renters through a middle class property tax circuit breaker but managed to find the political will to provide sales tax exemptions for people buying luxury yachts.

The report shows that both programs would provide some property tax relief but the circuit breaker credits are superior to STAR rebates in many ways.

The governor's Executive Budget proposal includes a significant new property «circuit breaker» that would provide relief to households (both owners and renters) whose property taxes are unreasonably high relative to their income.

Cuomo had initially proposed a rebate program akin to a circuit - breaker for tax relief as well as a two - tiered wage increase for New York City and a lower one for the rest of the state.

But in a real way, controlling spending is linked to property taxes: Cuomo wants to use the planned surplus to help pay for a $ 1.66 billion property - tax relief plan that is his administration's version of the circuit - breaker program, which ties relief to a household's income.

That plan would replace a circuit breaker program Cuomo proposed in his own budget, which many lawmakers criticized as detrimental to municipalities and school districts already struggling under the weight of a two - percent property tax cap passed into law in 2012.

Unfortunately, Cuomo's tax cap combined with unnamed cuts to state spending to create the surplus needed to pay for the circuit breaker means that what he gives with one hand in a circuit breaker he takes back with the other hand as cuts to the schools and municipal services these same people use,» said Hawkins.

Gov. Andrew Cuomo put the kibosh on the Senate Democrats» proposed property tax cap circuit breaker, which has also been endorsed by a number of taxpayer advocacy groups.

«A circuit breaker is a different purpose, a legitimate purpose, but it is just different from a property tax cap across the board,» Cuomo told reporters this afternoon.

He says it would also include a tax credit for lower income New Yorkers who pay a high percentage of their wages in property taxes, sometimes called a circuit breaker.

We need a property tax circuit breaker based on income at the least, or every working adult tax payer should pay based on his or her income.

And a Circuit breaker which is a property tax credit to help low and middle income New Yorkers based on their ability to pay.

«We had been, certainly, talking a lot about expanding the circuit breaker on the personal income tax which is a way to provide property tax relief to a household based on its ability to pay,» said Parrott.

«I agree with the Governor that public funds to provide property tax relief for renters and property owners should use a circuit breaker approach to reach those who most need relief.

And that is why I am for an overall property tax cap as opposed to a circuit breaker.

The governor proposes a property tax relief plan — a circuit breaker — that wisely ties a family's property tax burden to its income level, targeting meaningful relief to over one million New Yorkers that need it the most.

Instead, he says, they're in favor of so - called circuit breakers that would provide proportionately more relief to New Yorkers who can least afford to pay their tax bills.

Just one example: When you have to explain your cut in terms of a «circuit breaker,» you know you are not moving to a cleaner, simpler tax code.

This new property tax «circuit - breaker» proposal will help middle - class taxpayers the most.

Some property tax payers would even get a rebate on their taxes, through what's known as a circuit breaker, if their taxes are determined to be too high for their income level.

The sources also said the Assembly is pressing for the proposed $ 1.3 billion property tax rebate plan to take the form of something that blends the STAR rebate with a circuit breaker, which ties rebates to income levels.

The proposal does not include Cuomo's circuit - breaker plan for property taxes, which would tie relief to an individual household's income.

Gone from the budget framework is a property - tax rebate proposal akin to a «circuit - breaker» that would tie relief to a household's income.

Cuomo's additional efforts to induce lawmakers to pass a version of the so - called «circuit - breaker» that ties tax increases to a households income have faltered in the last two budget proposals.

Many of the groups are also urging state leaders to broaden the discussion to include tax relief measures that would link property taxes to individual income in the form of a circuit breaker.

In addition to recommending the so - called circuit - breaker approach for property taxes and cuts to business taxes such as a complete phase out of the 18a assessment surchage for utilities, the commission called for linking the tax cap, consolidating services and individual tax credits for homeowners.

The circuit - breaker would tie property taxes to a household's income — an option that isn't likely considering the state's poor finances.

Cuomo is counting on the spending rate to stay at 2 % or less in order to pay for a multi year phased in property tax cut known as a circuit breaker, that is based on the percentage of property taxes compared to a homeowner's income.

The governor proposes a property tax relief plan (Circuit Breaker) that wisely ties a family's property tax burden to its income level, targeting relief to over one million New Yorkers that need it the most.

Targeted tax relief is a much better plan and the Circuit Breaker approach, also recommended in the Commission report, will give a much bigger bang for the buck IF designed and implemented appropriately.

The Fiscal Policy Institute has long proposed a circuit breaker as a solution to the burden of high property taxes on moderate and lower income families and to ensure that retirees are not forced out of their homes.

[11] Rather than limit investment in other needed services to pay for the circuit breaker, the state should generate additional revenues by fixing some of the problems related to last year's corporate tax reform, eliminating or scaling back many of the state's smorgasbord of business tax credits, rejecting the proposed Education Tax Credit, and limiting the increase in the estate tax exemptitax reform, eliminating or scaling back many of the state's smorgasbord of business tax credits, rejecting the proposed Education Tax Credit, and limiting the increase in the estate tax exemptitax credits, rejecting the proposed Education Tax Credit, and limiting the increase in the estate tax exemptiTax Credit, and limiting the increase in the estate tax exemptitax exemption.

On another property tax - related issue, the deal apparently combines elements of Cuomo's proposed property tax circuit - breaker (specifically, income means - testing) with the Senate Republicans» desire for a property tax «rebate.»

The Senate, in contrast, replaced the circuit breaker with a tax rebate for homeowners only based on the existing STAR exemptions.

Property tax circuit breakers can address these and similar problems by providing tax refunds based on annual income — often using information from income tax returns — and property tax bills.

I am very disappointment that a much - discussed property tax relief measure called a circuit breaker was not included in the budget framework nor was a cut in the small business income tax rate.

NFIB also casts a skeptical eye at the renewed proposal to create a «circuit - breaker» for property taxes, which ties increases to a household income.

The details on this count almost don't matter, since both the circuit - breaker and the rebate simply amount to more pain - dulling medication on top of the $ 3.3 billion School Tax Relief (STAR) program.

Cuomo has spent the last several days unveiling his 2015 legislative proposals ranging from a new hike in the minimum wage to a small - business tax cut along with a «circuit - breaker» solution on property taxes.

State Comptroller Tom DiNapoli said (through a spokesman) that he supports AG Andrew Cuomo's 2 percent property tax cap proposal, and also thinks an expanded circuit breaker «must be an integral part» of the plan.