STATEN ISLAND, N.Y. — New Yorkers, your wallets may soon catch a needed break thanks to recently introduced legislation.
Co-sponsored by Assemblymembers Michael Tannousis (R-Staten Island/Brooklyn), Michael Reilly (R-South Shore) and other Assembly Republicans, the Inflation Relief & Consumer Assistance Plan would suspend sales tax on a variety of goods and services for two years in an effort to provide New Yorkers some relief from soaring prices.
“It’s no secret that the prices we pay for everyday items and necessities has skyrocketed in recent months,” said Tannousis. “New Yorkers everywhere are faced with the highest gas, energy and food prices we have seen in almost a decade. … This is the kind of legislation that provides real, meaningful help to our communities.”
The plan is meant to assist all New Yorkers struggling with the growing inflation rate by immediately suspending state sales tax charges on things like gasoline, personal care products, housekeeping supplies and food.
The overall Consumer Price Index has climbed an alarming 5.4% between September 2020 and September 2021, according to the Bureau of Labor Statistics, which is equal to an average monthly increase of $287 in expenses for single consumers and a monthly increase of $388 for families of four.
According to New York State Comptroller Tom DiNapoli, state tax revenue brought in $7.2 billion more than originally projected through September, and local sales tax collections were up 20% in the third quarter.
“With record-high gas, energy, and food prices, along with the cost of most consumer goods on the rise, it really comes as no surprise that New York continues to rank among the least business friendly and the least family friendly states in the nation,” said Reilly. “I am pleased to join my Republican colleagues in introducing this important legislation, which aims to make New York’s cost of living more affordable for the middle- and working-class families who call this state home.”