A Win on the Veterans Alternative Tax Exemption!
A key piece of our Spring Policy Agenda was inclusion of the Alternative (School Tax) Exemption for Veterans in the city's budget for Fiscal Year 2018--and we're proud to announce that this was included in the final $85 billion budget deal reached by the Mayor and NYC Council last Friday evening!
Thanks to our member, Vietnam veteran, longtime advocate, and proud Staten Islander Lee Covino for leading the charge on this. Thanks to everyone who lobbied with us this spring, who rallied with us at the "Love Our Veterans" Rally on Valentine's Day, who testified and rallied and supported this legislative effort last December, who called and wrote letters to their representatives last fall, and who initially met with us at our stakeholder meeting on this important issue last July.
Special thanks to Council Member Steven Matteo for leading on this in NYC Council and his continuous advocacy for the more than 58,000 veteran homeowners who will now be entitled to long overdue tax relief.
The estimate for this exemption for FY 2018 was $41 million, but the estimate we're seeing from news sources for the exemption included in the final budget deal is being stated as $25 million. It appears that a compromise was made to cap the maximum amount that can be exempted. We are eager to have a look at the details when available to better understand how the exemption is expected to roll out in the first year.
Stay tuned for more details as they are available to us!