Senate hopefuls release tax plans

The two candidates seeking to replace outgoing state Sen. Jack Martins in the 7th  Senate District released plans Monday to make living on Long Island more affordable for their constituents.
Democrat Adam Haber, a former commodities trader and Roslyn school board trustee, released a two-part plan aimed at supporting families, small businesses and cutting costs for local governments.
Republican Elaine Phillips, mayor of the Village of Flower Hill, would increase tax credits and provide additional relief to support child care for middle-class families.
Haber said the rising costs of living, raising a family and retiring on Long Island are putting a financial hardship on residents.
“We all want to raise our kids here and provide them with the opportunity to do the same,” he said. “Unfortunately, increasing property taxes, sky-rocketing childcare costs, and limited access to affordable housing stands in the way of making this dream a reality.”
The first part of Haber’s plan would implement greater tax deductions and expand loan forgiveness on the state level for those struggling with student loan debt, as well as provide more aid to small businesses, which according to Haber have less access to state support to help them grow and increase jobs.
The plan would also provide $190 million in additional support to fund an expansion of the number of families qualified for childcare subsidies and create a New York State Office of Early Childhood to assist families in finding available resources. It will also establish a first-time home-buyer tax credit and create a savings account for first-time home buyers to save money tax-free for a down payment.
“By addressing the cost of living on multiple fronts from child care to student debt, we ensure that this option is possible for all of our children and that Long Island remains competitive on the list of incredible places in New York State to settle down and raise a family,” Haber said.
The second part of his plan is intended to help local governments by supporting legislation that requires the state to cover programs that otherwise would be unfunded mandates and establish joint purchasing agreements between municipalities to drive down costs and refinance debt to continue services without increasing taxes for residents.
Phillips’ plan focuses on doubling tax credits and providing additional relief to meet the rising costs of child care.
“Families are struggling to pay child care costs that are growing faster that salaries and inflation,” she said. “If we want to make living on Long Island more affordable for our own children, make families feel financially secure and be able to attract young people to live and work here, we must address the high cost of raising a family.”
Phillips’ plan would restore the state’s family tax credit, which is set to expire at the end of the year, and double the $350 credit to $700. It would also double the state’s dependent care credit, which her campaign said would benefit about 300,000 families.
The plan would also see her urge the federal government to raise its dependent care credit and call for the state’s online child care directory to be updated to include costs of programs, safety inspection reports and other information parents could find helpful.
“Finding a safe, quality child care provider can be an overwhelming task for young parents already juggling job, family and other commitments, and providing more transparency and information can give them peace of mind about their choices,” Phillips said.
According to Phillips’ campaign, her plan would equate to $1,000 in state tax relief for middle class families with child care expenses.
“As families make decisions about where to raise their children, we want them to consider remaining on Long Island, and this plan will help,” she said.
Reach reporter Joe Nikic by e-mail at jnikic@theislandnow.com, by phone at 516.307.1045 x203. Also follow us on Twitter @joenikic and Facebook at facebook.com/theislandnow.