Taxpayers with taxable incomes between 150,000 and 300,000 (75,000 and 200,000 for single filers) will see their marginal tax rates reduced to 6.0. 7 Louisiana lawmakers’ comprehensive tax reform package, which was approved by voters, includes consolidating the state’s five corporate income tax brackets into three and reducing the top rate from 8 to 7.5 percent as of January 1, 2022. Moreover, as you know, due to the high cost of living in New York City, higher prices at the pump add to a uniquely burdensome cost of living in the five boroughs. Taxpayers with taxable incomes between 26,000 and 150,000 (13,000 and 75,000 for single filers) will see their marginal income tax rates reduced to 5.5. Indiana’s final scheduled rate reduction from 5.25 percent to 4.9 percent kicked in on July 1, 2021. By offering relief from soaring fuel prices at this pivotal time, you will help that recovery. Gas at the pump is currently $4.25-per-gallon on average across the state and $4.24 in New York City up more than $1.50 per gallon from the same time last year.Īt this moment, the state’s high gas prices have put a damper on everyday activities and are draining the finances of the very households upon which the City must rely for its economic recovery. Together with the state level Gas Tax Holiday Act, a city and municipal freeze would be a comprehensive yet temporary way to provide all families with modest relief while supporting our local businesses. As such, I write to request that you enact a gas tax holiday to relieve already struggling, cash-strapped City residents.”Ī gas tax holiday in New York City could help ease the burden and reduce the cost of living for the 1.4 million drivers and 3.2 million households in New York City. In New York, two new personal income tax brackets would be temporarily created: 10.3 percent for income between 5 million and 25 million, and 10.9 percent for income over 25 million. The Gas Tax Holiday Act was the first gas tax holiday proposed in the state in response to the recent hikes in gas prices, and was designed so that New Yorkers would receive the benefits from the reduced cost to sellers (i.e., gas stations and wholesale sellers) Senator Parker had the following to say about his proposal for the city, “ I believe that implementing a gas tax holiday for the City of New York (“City”) would help the City and its residents in their economic recovery from the pandemic. Rates kick in at different income levels, depending on your filing status. On March 4, 2022, Senator Parker introduced legislation known as the “Gas Tax Holiday Act of 2022” (S.8479), to freeze state gas tax rates for the remainder of the 2022. New York City has nine tax brackets ranging from 4 to 10.9. 10.90 state taxable income in excess of 25 million. 10.30 on state taxable income of 5 million to 25 million. For tax years 2021 to 2027, the New York tax rate brackets for the majority of joint filers are as follows: 9.65 on state taxable income of 2,155,350 to 5 million. As New Yorkers are working to recoup from the financial pains of the pandemic, State Senator Kevin Parker is calling on Mayor Eric Adams to enact a gas holiday tax. The top individual New York state income tax rate was 8.82 in 2020.
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