Tax Exemption for Veterans
This law grants qualified veterans in NYC, upon approval of the City Council an exemption on their school taxes. It is only fitting that we show our commitment to military veterans who have sacrificed so much to protect our freedom. As the proud sponsor of this bill, I think it is important that we demonstrate our unwavering commitment to honor and properly recognize our veterans' service to America.
TAX EXEMPTION FOR VETERANS
On Monday, Sen. Andrew Lanza (R-Staten Island) and Assemblyman Michael Cusick (D-Mid-Island) held a joint press conference at the Staten Island Marine Corps League in Sunnyside with Councilman Steven Matteo (R–Mid-Island) and Councilwoman Debi Rose (D–North Shore) to announce that legislation, which authorizes the New York City Council to grant a property tax exemption for veteran homeowners in New York City, has been signed by Gov. Andrew Cuomo.
Additionally, Matteo announced that he has drafted and will introduce legislation in the City Council which would grant this exemption for the tens of thousands of veteran homeowners in the City of New York.
"This veterans' property tax exemption will provide a modicum of financial relief for those New Yorkers who have sacrificed so much, defending this country and securing our freedoms," Matteo said. "It is the least we can do, and our veterans deserve no less. I am honored to shepherd this bill through the Council, along with my Staten Island colleagues, to ensure that our veterans can take advantage of this benefit."
In 2013, the governor signed legislation to allow school districts across the state to provide the alternative veterans' exemption against school taxes. However, since the City of New York does not have a school board, there was no mechanism to grant this relief to veterans in the five boroughs.
This led Lanza and Cusick to author and pass the law announced Monday.
The legislation reforms this inequity and allows the New York City Council to pass a local law to extend the alternative veterans' tax exemption to school taxes.
"While I believe that our original legislation covered the City of New York, Senator Lanza and I authored this bill to make it crystal clear that the City Council has the authority to offer this exemption" said Cusick.
Lanza said: "This law grants qualified veterans in NYC, upon approval of the City Council an exemption on their school taxes. It is only fitting that we show our commitment to military veterans who have sacrificed so much to protect our freedom. As the proud sponsor of this bill, I think it is important that we demonstrate our unwavering commitment to honor and properly recognize our veterans' service to America."
Rose said: "We all owe our veterans a tremendous debt. And while we can never fully repay it, I hope that what we're doing today will make a difference in their lives. This legislation is necessary because New York's property tax exemptions for veterans do not include school taxes, which leaves our veterans with a bill that can reach $400 dollars for a single family homeowner. ... I am proud to co-sponsor this legislation with Minority Leader Matteo, and we plan to make its passage in the City Council swift so that our city's veterans can begin to enjoy this well-earned exemption."