Buffalo Ledger

Senator Patrick M. Gallivan, along with members of the Senate Minority Conference, has proposed the inclusion of several legislative measures in the upcoming state budget to address the affordability crisis affecting New Yorkers. These proposals are part of the "Liberate New York" 2025 Legislative Agenda, aimed at providing relief to families and businesses burdened by high taxes and rising costs.

"The issue I hear the most about when I talk with constituents is the high cost of living," Senator Gallivan stated. "Rising consumer prices and high taxes are making it increasingly more difficult for families and businesses to stay in New York. This package of legislation will help make our state more affordable by providing meaningful relief for residents and helping workers keep more of their hard-earned money."

The proposed legislative package includes:

- S.587: Exempts state taxes from cash tips.

- S.850: Establishes the First-time Homebuyer Tax Credit Act.

- S.1487: Provides a $464 million tax cut to support small businesses by raising the corporate tax threshold from $390,000 to $500,000 and lowering the rate to 2.5%. It also expands the small business exemption to all PIT businesses regardless of whether they have employees, increases the threshold to $500,000, raises the exemption to 15%, and sets it at 20% for farmers.

- S.3914: Exempts state taxes from overtime compensation.

- S.4487: Supplements the state's existing child tax credit by providing a $1,000 "baby bonus" refundable tax credit for all parents of newborns.

The initiative seeks to alleviate financial pressures on New Yorkers by offering various tax cuts and exemptions designed to boost economic stability for individuals and enterprises across the state.