A bill championed by Assemblyman Ed Ra (R-Franklin Square) for many years to provide senior homeowners with additional tax relief was signed into law by Gov. Hochul on Monday. The new law will permit local governments to increase the maximum allowable income to $50,000 for people over the age of 65 as well as people with disabilities to be eligible for certain tax exemptions. This legislation will increase the current limit previously set at $29,000. Ra first introduced legislation to increase this income threshold for Nassau County residents in 2019 after the amount had only been raised for residents of New York City.
“With the rapid inflation increase and consumer goods across the board on the rise, it is more important than ever that our seniors who are living on a fixed income have the peace of mind to better financially plan in the months and years ahead. Reducing the cost of living in the state should be our number one focus in Albany as record inflation and prices at the pump and grocery store continue to burden New Yorkers. I was pleased this bill received bi-partisan support and I will continue to work every day to make New York state more affordable for all residents,” said Ra.