Wednesday, March 29, 2006

Private school tax relief dead?

It isn't even mentioned in this description of the budget agreement just reached:

http://www.nytimes.com/2006/03/29/nyregion/29fiscal.html

It includes property tax relief, which the suburban Republicans desparately wanted (and probably needed if they were to have any chance of maintaining their Senate majority), and the support for NYC schools desparately wanted by both Democrats and Republicans in the city. Unfortunately it looks like that extra school aid is being funded through debt. It includes a tax credit for all school aged children something like Speaker Silver wanted, rather than the larger credit for private school expenses that the religious community wanted. It also elimates the sales tax on most clothing purchases.

6 Comments:

Blogger SephardiLady said...

The package also gives families child tax credits worth up to $330 for each child ages 4 to 17

An extra tax credit for families with school age children certainly won't hurt anyone. Does anyone know what income level the credit starts to phase out and what the upper income limit to receive the credit is?

eliminating the sales tax on clothing purchases of less than $110

I don't believe that I have ever dropped $110 on a shopping trip for clothing, so, if I lived in New York, I would certainly the benefit.

1:19 PM  
Blogger SephardiLady said...

The property tax refund is huge. It is too bad that the $500 tax credit for educational expenses didn't pass, but you can't complain too much about a property tax refund in NYC. You guys pay out the nose.

1:20 PM  
Blogger Charlie Hall said...

Actually New York *City* has one of the lowest property tax rates of any urban area in the United States. It is the suburbs where people get killed.

It is not just the cost of housing that is high, here -- everything else is as well: groceries, clothing, auto insurance, electricity....The $110 limit is per *item* so most clothing articles will now be free of state sales tax. That will really help large families. (I'm not sure if the budget exempts clothing from *local* sales tax, which in many areas including the entire NY metro area, is actually higher than the state sales tax.)

5:25 PM  
Blogger SephardiLady said...

Thanks for clarification, Charlie. NY is truely its own world.

5:51 AM  
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