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The plan, aired in Albany on Tuesday, Feb. 2, will cut taxes for middle-class and low-income workers while raising them for millionaires, Skoufis said.
According to media reports, the move would raise $1.2 billion in new revenue and make taxes more fair.
The assemblyman, who represents the 99th District, said he sponsored the legislation.
The measure will, he said, cut the income tax rate of those earning $40,000 - $150,000 and ensure that “families keep more of their hard-earned money.”
It will also, Skoukis said, help lower-income families by expanding the Earned Income Tax Credit.
Investing in local economies and making sure that families are not “overburdened” by taxes can help ensure that “the Hudson Valley remains a great place to live and work,” he said.
The state Legislature is heading into budget negotiations and the proposed legislation is expected to give Democrats some bargaining power.
However, it could face some serious hurdles in the state Senate, where Republicans are, technically, the majority party.
Even if approved, tax relief would not arrive until 2018, according to media reports.
The 99th District covers the town of Stony Point in Rockland County; and the towns of Woodbury, Highlands, Cornwall, New Windsor, Blooming Grove, Hamptonburgh, Chester, Goshen, and Wawayanda in Orange County.
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