- Associated Press - Monday, February 9, 2015

ALBAY, N.Y. (AP) - New York tax officials say 84 percent of municipal governments and 97 percent of school districts have maintained the 2 percent property tax cap that entitles residents to state tax credits.

Executive Deputy Tax Commissioner Nonie Manion says they are finishing distribution of $200 million in credits to 2.5 million homeowners, with the last checks going out now.

Testifying at a legislative budget hearing, she says the credits have helped drive compliance by the schools and municipalities, and the three-year program will ultimately put $1.5 billion into New Yorkers’ pockets.

The Cuomo administration has proposed another property tax credit that Manion says when fully phased in would provide another $1.7 billion in credits to 1.3 million taxpayers with household incomes below $250,000 and whose taxes exceed 6 percent of that.

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