State Enacts ‘Circuit Breaker’

Creates property tax credit for some

The current state budget established an annual “circuit breaker” credit for taxpayers with annual incomes of less than $250,000 whose property tax burdens exceed 6 percent of their income. 

Homeowners will be able to claim a credit on their state income tax return starting with 2021 for taxes they pay on their primary residence, said Sandy Galef, whose district in the state Assembly includes Philipstown. The credit will be provided on a sliding scale and capped at $350.

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