Assemblyman Michael Fitzpatrick (R,C,I-Smithtown) today joined his Assembly Minority Conference colleagues to introduce several legislative initiatives that will help provide local seniors and working families with tax relief, and ease the burden from anticipated record increases in the cost of home heating fuel this fall and winter.
Fuel prices are at historic highs, and it is critical that we allow residents to keep more of their hard-earned money, and help ease the crushing burden of home heating fuel costs, said Fitzpatrick. New Yorkers face the highest combined tax burden in the nation, and these proposals would help provide the relief necessary for many seniors and families to stay warm during the winter months.
Legislation introduced today includes initiatives that would provide a $200 Heat Tax Rebate to help seniors afford the cost of heating their homes, and a Personal Income Tax credit for taxpayers whose heating costs are in excess of 5% of the New York Adjusted Gross Income. Other proposals include a $500 tax credit for the cost of removing an old petroleum tank and installing a new one, a tax credit of 25 percent or up to $2,500 to offset the cost of energy-efficient improvements to a residence, and a state sales tax exemption on alternative fuels used for home heating purposes.