Governor talks taxes, declining COVID positivity rates & expanding venue capacities

Governor talks taxes, declining COVID positivity rates & expanding venue capacities
Gov. Andrew Cuomo signed a bill Monday that would reduce state income taxes for middle-income New Yorkers. (Source: WWNY)

NEW YORK (WWNY) - Income taxes are coming down for middle-class New Yorkers.

In a bill signed by Gov. Andrew Cuomo Monday, the rate will decrease by .12 percent for jointly filing taxpayers with incomes ranging from $43,000 to 161,500 and single-filing residents from $21,400 to $80,650.

The rate will decrease by .08 percent for single filers from $80,650 to $215,000 and for joint filers from $161,550 to $323,200.

“This tax change affects 4.8 million New Yorkers and it’s $2.2 billion, so it is real,” the governor said.

The governor also announced a property tax credit for people whose homes are valued at under $250,000. He said 1.1 million New Yorkers would collectively save $382 million.

The governor also made a lengthy pitch to federal lawmakers to reinstate state-and-local-tax deductions, which he says would save New Yorkers $12.3 billion per year in the federal tax bills.

In the meantime, as COVID-19 positivity rate continue to decline, some venues are being allowed higher capacities.

The governor said the state’s positivity rate of 2.85 percent is the lowest since November 13, before the holiday surge that started with Thanksgiving.

Starting next Monday, museum and zoo capacities will be raised to 50 percent and movie theater capacities will be increased to 33 percent

Large indoor arena capacities will be raised to 25 percent beginning May 19, in time for the NBA playoffs.

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