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Property Tax Exemption in New York: the Governor’s Budget Plan Aims to Provide Relief to Some Families

NEW YORK’S STATEN ISLAND — Although new federal stimulus checks are unlikely before 2022, some states are issuing subsidies to help people cope with recent increases in energy and gas bills.

Will New Yorkers get some relief, whether it’s in the shape of property tax rebates or stimulus checks?

Five states have adopted stimulus and rebate check programs so far: Idaho, Georgia, Indiana, New Jersey, and New Mexico.

Tax rebates are being explored as part of stimulus measures in New York, California, Hawaii, Maine, Minnesota, and Kentucky.

New York Families Get Financial Help

Currently, a one-time stimulus payment and the Child Tax Credit are available to help struggling New Yorkers, including families.

The one-time payments will come from $64 million in federal cash that New York State has set aside to help struggling families with diapers, food expenses for families with children and older persons, and housing and relocation support for domestic abuse survivors.

Between July and December 2021, families eligible for the Kid Tax Credit received the first half in monthly payments of up to $300 per child under the age of six and up to $250 for each child between the ages of six and seventeen. The remaining half will be claimed on residents’ tax returns in 2021.

Families that chose not to make monthly payments will receive the credit in one lump sum when they complete their tax returns in 2021.

Stimulus Update & Property Tax Exemption in New York (2)
Property Tax Exemption in New York: the Governor’s Budget Plan Aims to Provide Relief to Some Families

New Yorkers May Be Eligible for a Property Tax Rebate

New Yorkers are still waiting for the state’s late budget for the fiscal year 2023.

Governor Kathy Hochul suggested a $1 billion property tax relief in her FY 2023 budget proposal, which was announced earlier this year, to help New Yorkers cope with rising inflation and the pandemic. The program gives tax money back to middle- and low-income families, with lower-income families and the elderly receiving the most benefits.

Immigrant Worker Relief Is Demanded by Advocates.

Immigrant workers and community allies in New York City have been urging Gov. Kathy Hochul and state lawmakers to increase the Excluded Workers Fund (EWF) by $3 billion to help immigrant workers who are unable to utilize federal pandemic relief services.

The EWF was established last year to assist New York immigrant employees who are ineligible for federal and state emergency assistance, such as unemployment insurance and stimulus funds. EWF made a one-time payment of $15,000 to the organization.

Also Read:- Stimulus Check 2022: In a Few Days, a New Direct Payment of $500 Will Be Sent | Latest Update!

The tremendous demand, on the other hand, depleted the cash faster than anticipated. The $2.1 billion statewide funds ran out of money just two months after it was established.

Holidays in the Tax on Gas

Some state governments are suspending their gas taxes in the face of soaring gas costs.

According to Forbes, temporary suspensions of state gas taxes have been approved in Connecticut, Georgia, and Maryland thus far.

Also Read:- Stimulus Update: There Are Eight Different Types of Non-taxable Retirement Income

Meanwhile, Ohio, New York, New Jersey, and West Virginia are debating whether or not to adopt state gas tax breaks as well.

Other Taxes May Be Reduced by States.

Gas tax suspensions are also being considered in Pennsylvania and Virginia, as well as other options. According to Forbes, Pennsylvania has proposed legislation to assist families with expenses such as childcare.

Also Read:- Checks on Inflation Stimulus: Which States Do You Think Will Send Them?

Kansas is considering lowering its high grocery tax to offset recent inflation charges, which Virginia is considering as well.

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