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Sigh of tax relief for renters in NYS
New York - Renters in New York could see a little more relief next tax season with Governor Andrew Cuomo proposing a new tax break for tenants who make less than $100,000 a year.
"I think it would be absolutely wonderful, I'd love a tax break right now," said Ryan Ferguson.
A tenant in the Park Avenue area for three years now, Ferguson said when you're throwing money into a rental property, it would be nice to get a little something in return.
The proposal would save renters in the state a total of $400 million dollars the governor's office released few details to determine how much the tax break would save tenants, except that the amount will increase according to family size.
"Best estimate is about $150 dollars per household, so you won't be out buying a new car on this tax break," said George Conboy, Chairman of Brighton Securities.
Tenants who make less than $100,000 a year could benefit from the proposal. That's about 3 million people, roughly 80% of the renters in the state.
"This is not likely to make a big difference in the overall lives of most renters but it will certainly be a modest help, especially for lower-income families." said Conboy.
The average household income in Rochester is about $50,000.
"$100,000 in today's society is still pretty difficult to attain so I think that's going to hit a lot of people and especially with $150 I think it's going to make a big difference," Ferguson said.