Saturday, April 27, 2024 | St. Lawrence County, NY
Renters in St. Lawrence County could receive relief on their state income taxes, but how much is unclear. In his State of the State address Jan. 8, Gov. Andrew M. Cuomo proposed a tax break for …
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Renters in St. Lawrence County could receive relief on their state income taxes, but how much is unclear.
In his State of the State address Jan. 8, Gov. Andrew M. Cuomo proposed a tax break for renters who pay more than 50 percent of their monthly cash income on housing costs.
To address the problem Cuomo is calling for a refundable personal income tax credit that takes into account a family’s size.
He said the credit will be available to renters with incomes below $100,000 and will provide over $400 million in tax relief for 2.6 million renters.
Unlike the other tax breaks proposed by the governor, this initiative does not appear to be tied to municipalities that stay under the state's 2 percent property tax cap would be eligible for the credit.
More information regarding the proposal is expected to be unveiled in the Cuomo's budget, which should be submitted by Jan. 21.
