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Murphy, from Yorktown, said the newly passed budget lowers personal income tax rates through a package, that when fully phased in, provides a 20 percent income tax rate cut affecting an estimated four million middle class families across New York. This will stand as the lowest personal income tax rate since 1946.
"It is no secret that New York residents, especially in the Hudson Valley, continue to battle incredibly strong headwinds to be able to afford to live here," Murphy said. "This comprehensive package will be directly felt in the pockets of middle class taxpayers and actually provide real relief."
Serino, who represent Hyde Park, said the inclusion of funds for infrastructure will help create jobs and spur much needed economic development. This year, the governor proposed a five-year transportation plan that provides for a more equitable and regionally-balanced transportation plan totaling $27.1 billion.
“In December, I stood with local officials and residents to call on the governor to make our crumbling infrastructure a priority and include an equitable level of funding for our deteriorating roads and bridges in his Executive Budget,” said Serino. “Instead, his proposal increased the difference by billions. After a long fought battle, we can declare a huge victory in achieving parity in infrastructure funding."
In addition to providing significant tax relief, the budget also fulfilled Murphy's promise of record school aid and the full restoration of the Gap Elimination Adjustment (GEA). The GEA was first imposed in 2010 and shifted critical dollars from local classrooms to plug glaring holes in the state budget caused by pure fiscal mismanagement of a one party rule system, Murphy said.
"I know the value of an education and as a father with three children in public schools I know how important it is to ensure our local classrooms receive the funding they need to provide the superior level of education New Yorkers have come to expect," Murphy said.
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