Middle Class Tax Cuts

"In today's economy, middle class families are struggling and we must preserve these targeted tax cuts that will help strengthen the middle class by helping pay for health care, child care, and education." - Kirsten Gillibrand, U.S. Senator

New York families pay some of the highest taxes in the country, and Senator Gillibrand is working hard to reduce that burden. She has sponsored and supported legislation to provide tax breaks to help returning veterans find jobs, reduce the costs of child care, and allow individuals to deduct their property taxes from their federal income taxes.

Tax Relief For Homeowners

New Yorkers pay some of the highest property taxes in the nation. Senator Gillibrand introduced legislation to provide property tax relief to New York homeowners by ensuring that every taxpayer can deduct the full value of their property tax payments from their federal income tax, reducing their overall tax liability.

Tax Credits For Childcare

Senator Gillibrand introduced legislation to expand and improve the Child Care Tax Cut, which helps middle class families access and afford child care. The Right Start Child Care and Education Act would expand the value of the child care tax credit to a maximum of $6,000 and provide new tax benefits for companies that provide on-site child care and support education for child care workers to ensure the availability of quality, affordable child care to New York’s working parents. Current law caps the credit at $3,000 and does not provide benefits for workplace child care or training.

Tax Incentives To Hire Veterans

Senator Gillibrand helped pass the VOW to Hire Heroes Act, which gives employers a tax credit of up to $9,600 for hiring recent veterans to help ensure that they can return to find work after their service to our country. Eligible veterans are those who have served for at least 180 days during the Post 9/11 period or those who were released from active duty as a result of an injury or disability.

Tax Deductions For Charitable Giving

Senator Gillibrand voted to extend tax provisions to help support charities, such as allowing charitable donations from IRA savings accounts, book and computer donations to public schools, and donations of land for conservation. These measures help ensure that individuals who give to benefit the broader community aren’t forced to pay taxes on the cost of these donations.

Small Business Tax Credits

Senator Gillibrand introduced legislation to provide tax cuts to businesses that create jobs. The Small Business Job Creation Tax Credit Act would provide small businesses who hire new workers or expand hours with a credit of up to 20 percent of the increased salary, cutting the cost of hiring for businesses and helping get more New Yorkers back to work. The non-partisan Congressional Budget Office has rated a hiring tax credit as one of the most effective ways to support job creation in the near-term.

Senator Gillibrand is also pushing legislation to cut taxes on businesses investing in new capital equipment to empower businesses to grow and expand more rapidly, and reduce costs for start-ups. This legislation would allow businesses to deduct the cost of equipment from their taxes in the year they make the investment, rather than following complex depreciation schedules and increasing the amount start-ups can deduct, thus helping them get through their crucial first year.

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