State budget faces knife

| Media Coverage

ALBANY – Earlier this month, the Republican-controlled Senate passed a school property tax cap bill at the behest of Gov. David Paterson. That bill would limit school tax growth to 4 percent each year.

Today, the Democratic Assembly will likely pass its response to that politically popular cap in the form of a “circuit breaker” that would provide income tax credits tied to property tax rates. To help pay for that mechanism, the Assembly would raise income taxes on those who earn more than $1 million a year and again for those earning more than $5 million. The two measures represent vastly different approaches to dealing with the state’s soaring property tax burden …

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